0001437749-20-018707 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2020	Aug. 20, 2020	Dec. 27, 2019
Document Information [Line Items]
Entity Registrant Name	TWIN DISC INC
Entity Central Index Key	0000100378
Trading Symbol	twin
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		13,552,104
Entity Public Float			$ 107,190,561
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock (No Par Value)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Current assets:
Cash	$ 10,688	$ 12,362
Accounts receivable, net	30,682	44,013
Inventories	120,607	125,893
Prepaid expenses	5,269	11,681
Other	6,739	8,420
Total current assets	173,985	202,369
Property, plant and equipment, net	72,732	71,258
Goodwill, net	0	25,954
Deferred income taxes	24,445	18,178
Intangible assets, net	18,973	25,353
Other assets	3,992	3,758
Total assets	294,127	346,870
Current liabilities:
Short-term borrowings and current maturities of long-term debt	4,691	2,000
Accounts payable	25,663	31,468
Total accrued liabilities	36,380	41,646
Total current liabilities	66,734	75,114
Long-term debt	37,896	40,491
Lease obligations	13,495	12,646
Accrued retirement benefits	27,938	25,878
Deferred income taxes	5,501	7,429
Other long-term liabilities	2,605	2,494
Total liabilities	154,169	164,052
Commitments and contingencies (Note P)
Twin Disc shareholders' equity:
Preferred shares authorized: 200,000; issued: none; no par value
Common shares authorized: 30,000,000; issued: 14,632,802; no par value	42,756	45,047
Retained earnings	156,655	196,472
Accumulated other comprehensive loss	(41,226)	(37,971)
Equity before treasury stock	158,185	203,548
Less treasury stock, at cost (1,226,809 and 1,392,524 shares, respectively)	18,796	21,332
Total Twin Disc shareholders' equity	139,389	182,216
Noncontrolling interest	569	602
Total equity	139,958	182,818
Total liabilities and equity	$ 294,127	$ 346,870

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	Jun. 30, 2020	Jun. 30, 2019
Preferred Shares, Authorized (in shares)	200,000	200,000
Preferred Shares, Issued (in shares)	0	0
Preferred Shares, No Par Value (in dollars per share)	$ 0	$ 0
Common shares, authorized (in shares)	30,000,000	30,000,000
Common shares, shares issued (in shares)	14,632,802	14,632,802
Common shares, no par value (in dollars per share)	$ 0	$ 0
Treasury Stock, Shares (in shares)	1,226,809	1,392,524

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 246,838	$ 302,663
Cost of goods sold	191,130	213,022
Gross profit	55,708	89,641
Marketing, engineering and administrative expenses	63,218	71,541
Restructuring expenses	5,138	1,179
Goodwill and other asset impairment charge	27,603
Other operating income		(1,577)
(Loss) income from operations	(40,251)	18,498
Other income (expense):
Interest income	78	43
Interest expense	(1,860)	(1,927)
Other income (expense), net	(1,707)	(2,107)
Non-operating income (expense)	(3,489)	(3,991)
(Loss) earnings before income taxes and noncontrolling interest	(43,740)	14,507
Income tax (benefit) expense	(4,169)	3,711
Net (loss) income	(39,571)	10,796
Less: Net earnings attributable to noncontrolling interest, net of tax	(246)	(123)
Net (loss) income attributable to Twin Disc	$ (39,817)	$ 10,673
(Loss) income per share data:
Basic (loss) income per share attributable to Twin Disc common shareholders (in dollars per share)	$ (3.03)	$ 0.84
Diluted (loss) income per share attributable to Twin Disc common shareholders (in dollars per share)	$ (3.03)	$ 0.83
Weighted average shares outstanding data:
Basic shares outstanding (in shares)	13,153	12,571
Dilutive stock awards (in shares)		111
Diluted shares outstanding (in shares)	13,153	12,682
Comprehensive (loss) income:
Net (loss) income	$ (39,571)	$ 10,796
Foreign currency translation adjustment	(966)	(2,671)
Benefit plan adjustments, net of income taxes of ($530) and ($1,242), respectively	(1,675)	(4,121)
Unrealized loss on cash flow hedge, net of income taxes of $185 and $156	(595)	(509)
Comprehensive (loss) income	(42,807)	3,495
Less: Comprehensive income attributable to noncontrolling interest	(266)	(98)
Comprehensive (loss) income attributable to Twin Disc	$ (43,073)	$ 3,397

Consolidated Statements of Operations and Comprehensive (Loss) Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Benefit plan adjustments, income taxes	$ (530)	$ (1,242)
Unrealized loss on cash flow hedge, income taxes	$ 185	$ 156

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (39,571)	$ 10,796
Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities:
Depreciation and amortization	11,925	9,335
Goodwill and other asset impairment charge	27,603
Restructuring of operations	2,269
Stock compensation expense	1,158	2,591
Provision for deferred income taxes	(8,072)	6,846
Amortizations of inventory fair value step-up		4,277
Gain on contingent consideration of Veth Propulsion acquisition		(809)
Gain on sale of Mill Log Business		(768)
Other, net	258	84
Changes in operating assets and liabilities
Trade accounts receivable	13,132	11,177
Inventories	6,775	(27,671)
Other assets	2,246	(10,159)
Accounts payable	(3,342)	(1,013)
Accrued liabilities	(5,807)	(9,896)
Accrued/prepaid retirement benefits	544	(251)
Net cash provided (used) by operating activities	9,118	(5,461)
Cash flows from investing activities, net of acquired business:
Capital expenditures	(10,699)	(11,979)
Proceeds from sale of Mill Log business	500	5,158
Proceeds from sale of plant assets	137	239
Proceeds from life insurance policy	102	101
Acquisition of Veth Propulsion, less cash acquired		(60,195)
Other, net	(159)	(233)
Net cash used by investing activities	(10,119)	(66,909)
Cash flows from financing activities:
Borrowings under long-term debt agreement	8,200	44,480
Borrowings under revolving loan agreement	99,262	147,854
Repayments under revolving loan agreement	(105,065)	(129,548)
Repayments of long-term borrowings	(2,241)	(24,752)
Payments of withholding taxes on stock compensation	(913)	(1,005)
Dividends paid to noncontrolling interest	(298)	(115)
Proceeds from issuance of common stock, net		32,210
Proceeds from exercise of stock options		36
Net cash (used) provided by financing activities	(1,055)	69,160
Effect of exchange rate changes on cash	382	401
Net change in cash	(1,674)	(2,809)
Cash:
Beginning of year	12,362	15,171
End of year	10,688	12,362
Supplemental cash flow information:
Interest	1,861	1,906
Income taxes	$ 3,481	$ 1,927

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]	Total
Balance at Jun. 30, 2018	$ 11,570	$ 178,896	$ (23,792)	$ (23,677)	$ 619	$ 143,616
Net Net (loss) income		10,673			123	10,796
Translation adjustments			(2,646)		(25)	(2,671)
Benefit plan adjustments, net of tax			(4,121)			(4,121)
Unrealized loss on cash flow hedge, net of tax			(509)			(509)
Release stranded tax effects		6,903	(6,903)
Cash dividends					(115)	(115)
Compensation expense	2,591					2,591
Shares issued, net	30,886			2,345		33,231
Balance at Jun. 30, 2019	45,047	196,472	(37,971)	(21,332)	602	182,818
Net Net (loss) income		(39,817)			246	(39,571)
Translation adjustments			(985)		19	(966)
Benefit plan adjustments, net of tax			(1,675)			(1,675)
Unrealized loss on cash flow hedge, net of tax			(595)			(595)
Cash dividends					(298)	(298)
Compensation expense	1,158					1,158
Shares issued, net	(3,449)			2,536		(913)
Balance at Jun. 30, 2020	$ 42,756	$ 156,655	$ (41,226)	$ (18,796)	$ 569	$ 139,958

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Note A - Basis of Presentation and Significant Accounting Policies

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Significant Accounting Policies [Text Block]

BASIS OF PRESENTATION AND

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements and information presented herein include the financial results of Veth Propulsion Holding B.V. (“Veth Propulsion”), the acquisition of which was completed on

July 2, 2018.

The financial results included in this Form

-K related to the acquisition method of accounting for the Veth Propulsion acquisition have been finalized and completed.

Recent

Event

March 2020,

the World Health Organization (“WHO”) declared that a new strain of coronavirus that originated in Wuhan, China, and has rapidly spread around the world (“COVID-

outbreak') is a pandemic that poses significant risk to the international community. This outbreak contributed to shelter-in-place policies, unexpected factory closures, supply chain disruptions, and market volatility causing substantial declines in market capitalization, and occurring in the midst of an already challenging economic environment in some of our markets, most notably the oil and gas market.

As a result of the COVID-

outbreak, the Company's operations have decreased, starting on or around mid-

March 2020

to curtail the spread of the virus and in compliance with regulatory authorities. The Company's plants and offices around the world have been subject to intermittent shutdowns throughout the

fourth

quarter of fiscal

2020,

impacting the timeliness of supply chain arrangements and the Company's ability to deliver products to its customers.

The COVID-

outbreak exacerbates an already depressed global oil and gas market, which has recently been severely damaged by unprecedented drastic declines in the price of oil. The consensus of experts is that the price of oil was driven down by an oversupply in the global market, and aggravated by the price war among members of OPEC and non-OPEC producer nations.

Aside from operational impacts and its results on our operations during the quarter, the occurrence of the COVID-

outbreak also necessitated a rigorous assessment of the Company's entire balance sheet. The accounting policies described below were applied in the context of these recent events.

The full impact of the COVID-

outbreak continues to evolve as of the date of this report. The depth and duration of the pandemic is unknown. Management is actively monitoring the global situation and its effect on its financial condition, liquidity, operations, suppliers, industry, and workforce.

Significant Accounting Policies

The following is a summary of the significant accounting policies followed in the preparation of these financial statements:

Consolidation Principles

--The consolidated financial statements include the accounts of Twin Disc, Incorporated and its wholly-owned domestic and foreign subsidiaries. In fiscal

2020,

certain subsidiaries changed their reporting periods to conform to the Company's fiscal year end. The impact of aligning to the corporate reporting period is

not

material to the consolidated results. All significant intercompany transactions have been eliminated.

Management Estimates--

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual amounts could differ from those estimates.

Translation of Foreign Currencies

--The financial statements of the Company's non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for revenues and expenses. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in equity. Gains and losses from foreign currency transactions are included in earnings. Included in other income (expense) are foreign currency transaction losses of (

$570

) and (

$681

) in fiscal

2020

and

2019,

respectively.

Cash

--The Company considers all highly liquid investments with original maturities of

three

months or less to be cash equivalent. Under the Company's cash management system, cash balances at certain banks are funded when checks are presented for payment. To the extent that checks issued, but

not

yet presented for payment, exceed the balance on hand at the specific bank against which they were written, the amount of those un-presented checks is included in accounts payable.

Accounts

Receivable

--These represent trade accounts receivable and are stated net of an allowance for doubtful accounts of

$1,740

and

$1,582

June 30, 2020

and

2019,

respectively. The Company records an allowance for doubtful accounts for certain customers where a risk of default has been specifically identified as well as provisions determined on a general basis when it is believed that some default is probable and estimable. The assessment of likelihood of customer default is based on a variety of factors, including the length of time the receivables are past due, the historical collection experience and existing economic conditions. Various factors

may

adversely impact its customer's ability to access sufficient liquidity and capital to fund their operations and render the Company's estimation of customer defaults inherently uncertain. While the Company believes current allowances for doubtful accounts are adequate, it is possible that these factors

may

cause higher levels of customer defaults and bad debt expense in future periods.

Fair Value of Financial Instruments

--The carrying amount reported in the consolidated balance sheets for cash, trade accounts receivable and accounts payable approximate fair value because of the immediate short-term maturity of these financial instruments

If measured at fair value, cash would be classified as Level

and all other items listed above would be classified as Level

in the fair value hierarchy, as defined in Note N, Pension and Other Postretirement Benefit Plans. The Company's borrowings under the revolving loan agreement, which is classified as long-term debt and consists of loans that are routinely borrowed and repaid throughout the year, approximate fair value at

June 30, 2020.

The Company's term loan borrowing, which is LIBOR-based, approximates fair value at

June 30, 2020.

If measured at fair value in the financial statements, long-term debt (including any current portion) would be classified as Level

in the fair value hierarchy.

Derivative Financial Instruments

The Company has written policies and procedures that place all financial instruments under the direction of the Company's corporate treasury department and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is prohibited. The Company uses derivative financial instruments to manage certain financial risks. The Company enters into forward contracts to reduce the earnings and cash flow impact of non-functional currency denominated receivables and payables. The Company uses interest rate swap contracts to reduce the exposure to variability in interest rates on floating debt borrowings. The Company designates certain financial instruments as cash flow hedges for accounting purposes. See Note S, Derivative Financial Instruments, for additional information.

Inventories

--Inventories are valued at the lower of cost or net realizable value. Cost has been determined by the last-in,

first

-out (LIFO) method for the majority of inventories located in the United States, and by the

first

-in,

first

-out (FIFO) method for all other inventories. Management specifically identifies obsolete products and analyzes historical usage, forecasted production based on future orders, demand forecasts, and economic trends, among others, when evaluating the adequacy of the reserve for excess and obsolete inventory.

Property, Plant and Equipment and Depreciation

--Assets are stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and betterments are capitalized and depreciated. Depreciation is provided on the straight-line method over the estimated useful lives of the assets. The lives assigned to buildings and related improvements range from

years, and the lives assigned to machinery and equipment range from

years. Upon disposal of property, plant and equipment, the cost of the asset and the related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in earnings. Fully depreciated assets are

not

removed from the accounts until physically disposed.

Impairment of Long-lived Assets

--The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets

may

not

be fully recoverable. For property, plant and equipment and other long-lived assets, excluding indefinite-lived intangible assets, the Company performs undiscounted operating cash flow analyses to determine if an impairment exists. If an impairment is determined to exist, any related impairment loss is calculated based on fair value. Fair value is primarily determined using discounted cash flow analyses; however, other methods

may

be used to determine the fair value, including

third

party valuations when necessary.

Goodwill and Other Intangibles

--Goodwill and other indefinite-lived intangible assets, primarily tradenames, are tested for impairment at least annually during the Company's

fourth

fiscal quarter and more frequently if an event occurs which indicates the asset

may

be impaired. If applicable, goodwill and other indefinite-lived intangible assets

not

subject to amortization have been assigned to reporting units for purposes of impairment testing based upon the relative fair value of the asset to each reporting unit.

A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators

may

include, among others: a significant decline in expected future cash flows; a sustained, significant decline in the Company's stock price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on the Company's consolidated financial statements.

Goodwill impairment charges are recorded using a simplified

one

-step approach. The fair value of a reporting unit, as defined, is compared to the carrying value of the reporting unit, including goodwill. The fair value is primarily determined using discounted cash flow analyses which is driven by projected growth rates, and which applies an appropriate market-participant discount rate; the fair value determined is also compared to the value obtained using a market approach from guideline public company multiples. If the carrying amount exceeds the fair value, that difference is recognized as an impairment loss.

The Company reviews goodwill for impairment on a reporting unit basis annually as of the

first

day of the Company's

fourth

fiscal quarter, and whenever events or changes in circumstances (“triggering events”) indicate that the carrying value of goodwill

may

not

be recoverable.

The Company conducted interim qualitative assessments throughout the year. In the

third

quarter of fiscal

2020,

the Company believed that the economic disruptions and unprecedented market volatilities and uncertainties resulting from the COVID-

outbreak was a triggering event for the reporting units which contained goodwill. Consequently, it performed an interim goodwill impairment test as of

March 27, 2020

using updated inputs, including appropriate risk-based, country and company specific weighted average discount rates for the Company's reporting units. As a result of that test, the Company recorded a goodwill impairment charge of

$25,380,

which fully removed goodwill from its balance sheet. See Note E, Goodwill and Other Intangibles, for additional information.

The fair value of the Company's other intangible assets with indefinite lives, primarily tradenames, is estimated using the relief-from-royalty method, which requires assumptions related to projected revenues; assumed royalty rates that could be payable if the Company did

not

own the asset; and a discount rate. Long-lived assets, including intangible assets, are assessed for impairment qualitatively on a quarterly basis. In the

third

quarter of fiscal

2020,

upon management's determination that adverse macroeconomic developments as a result of the COVID-

outbreak has given rise to a triggering event for all of the Company's assets groups, the Company performed a Step

assessment, or a recoverability test of its intangibles and other long-lived assets using an undiscounted operating cash flow analysis as of

March 27, 2020,

as well as the review of other assets in service and their remaining useful lives. As a result of that assessment, the Company recorded an impairment charge of

$2,223.

See Note E, Goodwill and Other Intangibles, for more information. For the

fourth

quarter of fiscal

2020,

the Company performed a qualitative assessment and concluded that an impairment test was

not

necessary.

Changes in circumstances, existing at the measurement date or at other times in the future, or in the numerous estimates associated with management's judgments, assumptions and estimates made in assessing the fair value of goodwill and other indefinite-lived intangibles, could result in an impairment charge in the future. The Company will continue to monitor all significant estimates and impairment indicators, and will perform interim impairment reviews as necessary.

Any cost incurred to extend or renew the term of an indefinite lived intangible asset are expensed as incurred.

Income

Taxes

--The Company recognizes deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company's financial statements. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more likely than

not

that the Company will

not

realize the benefit of such assets. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than

not

to be sustained upon examination by the taxing authority.

Revenue Recognition

--Revenue from contracts with customers is recognized using a

five

-step model consisting of the following: (

) identify the contract with a customer; (

) identify the performance obligations in the contract; (

) determine the transaction price; (

) allocate the transaction price to the performance obligations in the contract; and (

) recognize revenue when (or as) the Company satisfies a performance obligation. Performance obligations are satisfied when the Company transfers control of a good or service to a customer, which can occur over time or at a point in time. The amount of revenue recognized is based on the consideration to which the Company expects to be entitled in exchange for those goods or services, including the expected value of variable consideration. The customer's ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all of the consideration in a contract is

not

probable, consideration received is

not

recognized as revenue unless the consideration is nonrefundable and the Company

longer has an obligation to transfer additional goods or services to the customer or collectability becomes probable.

Goods sold to

third

party distributors are subject to an annual return policy, for which a provision is made at the time of shipment based upon historical experience.

Shipping and Handling Fees and Costs

--The Company records revenue from shipping and handling costs in net sales. The cost associated with shipping and handling of products is reflected in cost of goods sold.

Recently Adopted Accounting Standards

June 2018,

the FASB issued guidance (ASU

2018

) intended to simplify the accounting for share based payments granted to nonemployees. Under the amendments in this guidance, payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The Company adopted this guidance effective

July 1, 2019.

The adoption of this guidance did

not

have a material impact on the Company's financial statements and disclosures.

New Accounting Releases

June 2016,

the FASB issued updated guidance (ASU

2016

) and also issued subsequent amendments to the initial guidance under ASU

2018

19,

ASU

2019

and ASU

2019

(collectively Topic

326

). Topic

326

requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for fiscal years beginning after

December 15, 2019 (

the Company's fiscal

2021

), with early adoption permitted for certain amendments. Topic

326

must be adopted by applying a cumulative effect adjustment to retained earnings. The Company does

not

expect adoption of the new guidance to have a significant impact on its financial statements.

August 2018,

the FASB issued updated guidance (ASU

2018

) as part of the disclosure framework project, which focuses on improving the effectiveness of disclosures in the notes to the financial statements. The amendments in this update modify the disclosure requirements on fair value measurements in Topic

820,

Fair Value Measurement. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2019 (

the Company's fiscal

2021

), with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on the Company's disclosures.

August 2018,

the FASB issued updated guidance (ASU

2018

) intended to modify the disclosure requirements for employers that sponsor defined benefit pension or postretirement plans. The amendments in this guidance are effective for fiscal years ending after

December 15, 2020 (

the Company's fiscal

2021

), with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on the Company's disclosures.

December 2019,

the FASB issued guidance (ASU

2019

) intended to simplify the accounting for income taxes. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2020 (

the Company's fiscal

2022

), with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on the Company's disclosures.

March 2020,

the FASB issued guidance (ASU

2020

), intended to provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments in this guidance are effective beginning on

March 12, 2020,

and the Company

may

elect to apply the amendments prospectively through

December 31, 2022.

The Company is currently evaluating the potential impact of this guidance on the Company's financial statements and disclosures.

Special Note Regarding Smaller Reporting Company Status

Under SEC Release

10513;

83550,

Amendments to Smaller Reporting Company Definition, the Company qualifies as a smaller reporting company based on its public float as of the last business day of the

second

quarter of fiscal

2020.

Accordingly, it has scaled some of its disclosures of financial and non-financial information in this annual report. The Company will continue to determine whether to provide additional scaled disclosures of financial or non-financial information in future quarterly reports, annual reports and/or proxy statements if it remains a smaller reporting company under SEC rules.

Note B - Acquisition of Veth Propulsion Holding BV

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Business Combination Disclosure [Text Block]

. ACQUISITION OF VETH PROPULSION HOLDING B

July 2, 2018,

the Company completed the acquisition of

100%

of the outstanding common stock of Veth Propulsion. Veth Propulsion is a global manufacturer of highly-engineered primary and auxiliary propulsions and propulsion machinery for maritime vessels, including rudder propellers, bow thrusters, generator sets and engine service and repair, based in the Netherlands. These products are complementary to and expand the Company's product offerings in the marine and propulsion markets. Prior to the acquisition, the Company was a distributor of Veth Propulsion products in North America and Asia. This acquisition was pursuant to a Share Purchase Agreement (“Purchase Agreement”) entered into by Twin Disc NL Holding B.V., a wholly-owned subsidiary of the Company, with Het Komt Vast Goed B.V., the prior parent of Veth Propulsion, on

June 13, 2018.

Veth Propulsion is reported as part of the Company's manufacturing segment.

Under the terms of the Purchase Agreement, the Company paid an aggregate of approximately

$59,407

in cash, and

$1,991

in shares of common stock on

May 13, 2019,

which represents the fair value of

139,347

shares. The shares of stock were issued in settlement of the earn-out, a contingent consideration, after Veth Propulsion demonstrated that it achieved the profitability target (earnings before interest, tax, depreciation and amortization or “EBITDA”) under the terms of the Purchase Agreement. The difference between the fair value at settlement date of

$1,991,

and the initial fair value assigned to the earn-out at acquisition date of

$2,921

was recognized in the income statement. See Note Q, Restructuring of Operations and Other Operating Income. The maximum earn-out at acquisition was

$3,300.

The fair value at acquisition was determined by using a discounted probability weighted approach.

The total consideration transferred at acquisition date was:

Cash, paid at closing and after agreed-upon working capital adjustments	$	59,407
Fair value of contingent consideration at acquisition date		2,921
Total	$	62,328

Fair value of assets acquired and liabilities assumed at acquisition date:

Cash, including restricted cash	$	1,078
Accounts receivable and other current assets		10,437
Inventories		26,862
Property, plant and equipment		2,661
Intangibles (a)		26,500
Accounts payable and accrued liabilities		(21,208	)
Deferred tax liability		(8,001	)
Total net assets acquired		38,329
Goodwill (b)		23,999
Total consideration	$	62,328

(a)

Intangibles consist of customer relationships, technology and know-how and tradenames, with estimated useful lives

years,

years, and

years, respectively, and weighted average remaining useful life of approximately

years. The amounts acquired are presented in Note E, Goodwill and Other Intangibles.

(b)

The Company is

not

able to deduct any of the goodwill for tax purposes.

The Company financed the payment of the cash consideration through borrowings under a new credit agreement entered into on

June 29, 2018

with BMO Harris Bank N.A. (the “Credit Agreement”). The Credit Agreement is further discussed in Note H, Debt.

Note C - Inventories

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

. INVENTORIES

The major classes of inventories at

June 30

were as follows:

	2020		2019
Finished parts	$	62,394	$	57,682
Work in process		17,844		23,812
Raw materials		40,369		44,399
	$	120,607	$	125,893

Inventories stated on a LIFO basis represent approximately

50%

and

52%

of total inventories at

June 30, 2020

and

2019,

respectively. The approximate current cost of the LIFO inventories exceeded the LIFO cost by

$27,225

and

$25,709

June 30, 2020

and

2019,

respectively. The Company had reserves for inventory obsolescence of

$9,863

and

$10,463

June 30, 2020

and

2019,

respectively.

Note D - Property, Plant and Equipment

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment at

June 30

were as follows:

	2020			2019
Land	$	6,589		$	6,479
Buildings		48,168			47,627
Machinery and equipment		164,039			158,183
		218,796			212,289
Less: accumulated depreciation		(146,064	)		(141,031	)
	$	72,732		$	71,258

Depreciation expense for the years ended

June 30, 2020

and

2019

was

$7,394

and

$6,682,

respectively.

Note E - Goodwill and Other Intangibles

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

. GOODWILL AND OTHER INTANGIBLES

Goodwill

The Company reviews goodwill for impairment on a reporting unit basis annually as of the

first

day of the Company's

fourth

fiscal quarter, and whenever events or changes in circumstances (“triggering events”) indicate that the carrying value of goodwill

may

not

be recoverable.

The fair value of reporting units is primarily driven by projected growth rates and operating results under the income approach using a discounted cash flow model, which applies an appropriate market-participant discount rate, and consideration of other market approach data from guideline public companies. If declining actual operating results or future operating results become indicative that the fair value of the Company's reporting units has declined below their carrying values, an interim goodwill impairment test

may

need to be performed and

may

result in a non-cash goodwill impairment charge. If the Company's market capitalization falls below the Company's carrying value for a sustained period of time or if such a decline becomes indicative that the fair value of the Company's reporting units has declined to below their carrying values, an interim goodwill impairment test

may

need to be performed and

may

result in a non-cash goodwill impairment charge.

July 2, 2018,

as described in Note B, Acquisition of Veth Propulsion Holding B.V., the Company acquired goodwill in the amount of

$23,999

and intangible assets in the amount of

$26,500

consisting of customer relationships, technology and know-how, and trade names as part of the acquisition of Veth Propulsion. As of

June 30, 2019,

these amounts were final. Veth Propulsion is reported as part of the Company's manufacturing segment and European Propulsion reporting unit.

A significant amount of judgment is involved in determining if a triggering event has occurred. Such indicators

may

The Company believes that the economic disruptions and unprecedented market volatilities and uncertainties resulting from the COVID-

outbreak was a triggering event in the

third

quarter of fiscal

2020.

Consequently, it performed an interim goodwill impairment test as of the quarter ended

March 27, 2020.

Subsequent to the adoption of ASU

2017

04,

goodwill impairment charges are recorded using a simplified

one

The European Propulsion reporting unit, which carried goodwill in the amount of

$22,822,

had heretofore been experiencing positive operating results. The Company continues to have a positive outlook of its operations and remains committed to supporting it. However, the onset of the COVID-

outbreak and its uncertainties, as described in Note A, Basis of Presentation and Significant Accounting Policies, required the Company to approach the goodwill impairment analysis differently this year; that past performance is

longer necessarily a good predictor of the future in a COVID-

environment. To incorporate uncertainties in its analysis, the Company applied a scenario modeling analysis for its goodwill impairment test this year. It is deemed to be the most prudent and a more robust approach in the face of uncertainty. Each scenario was then weighted with management's expectations of potential outcomes, to arrive at a reasonable conclusion of the fair value of the reporting unit. This was the approach deployed by the Company in this year's goodwill and long-lived asset impairment analyses.

In assessing the current environment, management is informed that there is consensus among industry experts that the impacts from the outbreak will be severe and adverse, and that a general contraction in the macroeconomic environment is expected. The magnitude and duration is unknown. Management expects that a contraction of the global economy would reduce or shift the demand for its products in the near term. For example, the reporting unit expects that the demand for certain of its end-market products, such as passenger leisure cruise vessels, passenger ferries, and other commercial vessels that operate based on general economic activities, will likely be adversely impacted as social restrictions by governments remain in place or tighten to curb the outbreak. Based on additional market insights and expectations of industry and subject matter experts, which also includes the negative impacts of the historic and unprecedented free fall drop in the global price of oil, the Company believes that future cash flow projections of this reporting unit will fall short of its previous projections, which included synergies that are now less likely to be realized in the face of a COVID-

environment.

The European Industrial reporting unit which carried goodwill in the amount of

$2,558

is also challenged with the same macroeconomic conditions and market contraction.

The Company completed its interim assessment for goodwill impairment as of

March 27, 2020

with the assistance of the aforementioned

third

party expert, using updated inputs, including an appropriate risk-based, company specific weighted average discount rate of

13.0%.

The assessment resulted in the full impairment of the European Propulsion and European Industrial reporting units, in the amount of

$25,380.

As a result of the full impairment of goodwill, the balance of goodwill at

June 30, 2020

zero

. There will

longer be a need for future goodwill impairment tests.

As a consequence of these macroeconomic developments, market insights and expectations, and the occurrence of a triggering event in the quarter, the Company also performed an assessment of its intangibles and other long-lived assets. The Company performed an undiscounted operating cash flow analysis as of

March 27, 2020,

as well as the review of other assets in service and their remaining useful lives. It was determined that an impairment charge pertaining to certain tradenames, licenses and other assets was required, in the amount of

$2,223.

The total non-cash impairment charge of

$27,603,

as described above, is a non-cash charge and is reported on the goodwill and other impairment charge line in the consolidated statement of operations within the manufacturing segment. The tax impact of this charge is to increase the income tax (benefit) by

$1,199.

The changes in the carrying amount of goodwill are summarized as follows:

	Net Book Value Rollforward									Net Book Value By Reporting Unit
	Gross Carrying Amount			Accumulated Impairment			Net Book Value			European Propulsion			European Industrial
Balance at June 30, 2018	$	16,514		$	(13,822	)	$	2,692		$	-		$	2,692
Acquisition		23,999			-			23,999			23,999			-
Translation adjustment		(737	)		-			(737	)		(628	)		(109	)
Balance at June 30, 2019		39,776			(13,822	)		25,954			23,371			2,583
Impairment		-			(25,380	)		(25,380	)		(22,822	)		(2,558	)
Translation adjustment		(574	)		-			(574	)		(549	)		(25	)
Balance at June 30, 2020	$	39,202		$	(39,202	)	$	-		$	-		$	-

Other Intangibles

June 30,

the following acquired intangible assets have definite useful lives and are subject to amortization:

	Net Book Value Rollforward									Net Book Value By Asset Type
	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
Balance at June 30, 2018	$	13,485		$	(11,781	)	$	1,704		$	-		$	-		$	1,288		$	416
Addition		236			-			236			-			-			-			236
Acquistion		26,500			-			26,500			16,300			8,400			1,800			-
Amortization		-			(2,653	)		(2,653	)		(1,123	)		(1,172	)		(261	)		(97	)
Translation adjustment		(634	)		-			(634	)		(334	)		(203	)		(94	)		(3	)
Balance at June 30, 2019		39,587			(14,434	)		25,153			14,843			7,025			2,733			552
Addition		92			-			92			-			-			-			92
Amortization		-			(4,532	)		(4,532	)		(3,003	)		(1,139	)		(232	)		(158	)
Impairment		-			(1,306	)		(1,306	)		-			-			(1,080	)		(226	)
Translation adjustment		(434	)		-			(434	)		(286	)		(102	)		(33	)		(13	)
Balance at June 30, 2020	$	39,245		$	(20,272	)	$	18,973		$	11,554		$	5,784		$	1,388		$	247

Other intangibles consist mainly of computer software. Amortization is recorded on the basis of straight-line or accelerated, as appropriate, over the estimated useful lives of the assets.

The weighted average remaining useful life of the intangible assets included in the table above is approximately

years.

Intangible amortization expense for the years ended

June 30, 2020

and

2019

was

$4,532

and

$2,653,

respectively. Estimated intangible amortization expense for each of the next

five

fiscal years is as follows:

Fiscal Year
2021	$	3,173
2022		2,989
2023		2,827
2024		2,679
2025		2,495
Thereafter		4,810

Note F - Accrued Liabilities

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

. ACCRUED LIABILITIES

Accrued liabilities at

June 30

were as follows:

	2020		2019
Customer deposits	$	11,541	$	14,924
Salaries and wages		5,116		6,982
Distributor rebates		3,769		2,943
Retirement benefits		3,559		2,730
Warranty		3,520		3,034
Other		8,875		11,033
	$	36,380	$	41,646

Note G - Warranty

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Product Warranty Disclosure [Text Block]

. WARRANTY

The Company warrants all assembled products, parts (except component products or parts on which written warranties are issued by the respective manufacturers thereof and are furnished to the original customer, as to which the Company makes

warranty and assumes

liability) and service against defective materials or workmanship. Such warranty generally extends from periods ranging from

months to

months. The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its suppliers. However, its warranty obligation is affected by product failure rates, the number of units affected by the failure and the expense involved in satisfactorily addressing the situation. The warranty reserve is established based on the Company's best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. When evaluating the adequacy of the reserve for warranty costs, management takes into consideration the term of the warranty coverage, historical claim rates and costs of repair, knowledge of the type and volume of new products and economic trends. While the Company believes that the warranty reserve is adequate and that the judgment applied is appropriate, such amounts estimated to be due and payable in the future could differ materially from what actually transpires. The following is a listing of the activity in the warranty reserve during the years ended

June 30:

	2020			2019

Reserve balance, July 1	$	3,736		$	4,407
Current period expense and adjustments		10,369			3,323
Payments or credits to customers		(9,629	)		(3,953	)
Translation adjustment		(16	)		(41	)
Reserve balance, June 30	$	4,460			3,736

Included in expense in the year ending

June 30, 2020

is a non-recurring warranty charge in the amount of

$6,233,

to accrue for estimated costs to resolve a unique product performance issue at certain installations.

The current portion of the warranty accrual (

$3,520

and

$3,034

for fiscal

2020

and

2019,

respectively) is reflected in accrued liabilities, while the long-term portion (

$940

and

$702

for fiscal

2020

and

2019,

respectively) is included in other long-term liabilities on the consolidated balance sheets.

Note H - Debt

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

. DEBT

Long-term debt consisted of the following at

June 30:

	2020			2019
Credit Agreement Debt
Revolving loans (expire June 2023)	$	16,641		$	22,666
Term loan (due March 2026)		17,500			19,500
PPP loan		8,200			-
Other		246			325
Subtotal		42,587			42,491
Less: current maturities		(4,691	)		(2,000	)
Total long-term debt	$	37,896			40,491

Credit Agreement Debt

June 29, 2018,

the Company entered into a new credit agreement (the “Credit Agreement”) with BMO Harris Bank N.A. (“BMO”) that provided for the assignment and assumption of the previously existing loans between the Company and Bank of Montreal and subsequent amendments into a term loan (the “Term Loan”) and revolving credit loans (each a “Revolving Loan” and, collectively, the “Revolving Loans,” and, together with the Term Loan, the “Loans”). Pursuant to the Credit Agreement, BMO agreed to make the Term Loan to the Company in a principal amount

not

to exceed

$35,000

and the Company

may,

from time to time prior to the maturity date, enter into Revolving Loans in amounts

not

to exceed, in the aggregate,

$50,000

(the “Revolving Credit Commitment”). The Credit Agreement also allows the Company to obtain Letters of Credit from BMO, which if drawn upon by the beneficiary thereof and paid by BMO, would become Revolving Loans.

July 2, 2018,

in connection with the acquisition of Veth Propulsion, as described in Note B, Acquisition of Veth Propulsion Holding B.V., the Company drew a total of

$60,729

of additional borrowings on the Credit Agreement, consisting of a

$35,000

Term Loan payable and revolver borrowings of

$25,729.

The new borrowing was used to pay the cash consideration at closing of

$58,862,

and to pay off the loan owed to the prior parent of Veth Propulsion in the amount of

$1,865.

September 25, 2018,

the Company used the proceeds of a stock offering (see Note J, Shareholders' Equity) of

$32,210

to partially pay down the Term Loan and Revolving Loans.

March 4, 2019,

the Company entered into a

second

amendment (the “Second Amendment”) to the Credit Agreement. The Second Amendment reduced the principal amount of the Term Loan commitment under the Credit Agreement from

$35,000

$20,000.

In connection with the Second Amendment, the Company issued an amended and restated term note in the amount of

$20,000

to BMO, which amended the original

$35,000

note provided under the Credit Agreement.

Prior to entering into the Second Amendment, the outstanding principal amount of the Term Loan under the Credit Agreement was

$10,849.

On the date of the Second Amendment, the BMO made an additional advance on the Term Loan to the Company in the amount of

$9,151.

The Second Amendment also extended the maturity date of the Term Loan from

January 2, 2020

March 4, 2026

and added a requirement that the Company make principal installments of

$500

per quarter starting with the quarter ending

June 30, 2019.

The Second Amendment also reduced the applicable margin for purposes of determining the interest rate applicable to the Term Loan. Previously, the applicable margin was

3.00%,

which was added to the Monthly Reset LIBOR Rate or the Adjusted LIBOR, as applicable. Under the Second Amendment, the applicable margin is between

1.375%

and

2.375%,

depending on the Company's total funded debt to EBITDA ratio.

The Second Amendment also adjusts certain financial covenants made by the Company under the Credit Agreement. Specifically, the Company has covenanted (i)

not

to allow its total funded debt to EBITDA ratio to be greater than

3.00

1.00

(the cap had previously been

3.50

1.00

for quarters ending on or before

September 30, 2019

and

3.25

1.00

for quarters ending on or about

December 31, 2019

through

September 30, 2020),

and (ii) that its tangible net worth will

not

be less than

$100,000

plus

50%

of net income for each fiscal year ending on and after

June 30, 2019

for which net income is a positive number (the

$100,000

figure had previously been

$70,000

January 28, 2020,

the Company entered into a

third

amendment (the “Third Amendment”). The Third Amendment restated the financial covenant provisions related to the maximum allowable ratio of total funded debt to EBITDA from

3.00

1.00

4.00

1.00

for the quarter ended

December 27, 2019,

5.00

1.00

for the quarter ending

March 27, 2020,

4.00

1.00

for the quarter ending

June 30, 2020,

3.50

1.00

for the quarter ending

September 25, 2020

and

3.00

1.00

for quarters ending on or after

December 25, 2020.

For purposes of determining EBITDA, the Third Amendment added back extraordinary expenses (

not

to exceed

$3,900

million) related to the previously reported isolated product performance issue on

one

of the Company's oil and gas transmission models at certain installations. Under the Third Amendment, the applicable margin for revolving loans, letters of credit, and term loans was between

1.25%

and

3.375%,

depending on the Company's total funded debt to EBITDA ratio.

April 17, 2020,

in connection with a loan obtained under the Payment Protection Plan (the “PPP Loan”) as described below, the Company entered into a

fourth

amendment (the “Fourth Amendment”). The Fourth Amendment: (

) permitted the Company to incur indebtedness in the form of the PPP Loan notwithstanding the Credit Agreement's restrictions limiting the Company's ability to incur indebtedness, and (

) provides that the PPP Loan (to the extent that the Loan is forgiven) shall be disregarded for purposes of calculating financial covenants in the Credit Agreement (the “Covenants”). Any unforgiven portion of the Loan and the interest thereon will

not

be disregarded for purposes of calculating the Covenants.

July 22, 2020,

the Company entered into a

fifth

amendment (the "Fifth Amendment"), which is effective

June 30, 2020.

Under this amendment, (a) the Revolving Loan availability was reduced from

$50,000

$45,000,

(b) the quarterly payments occurring on

September 30, 2020

and

December 31, 2020

are changed to be interest-only payments at the Company's option, and (c) the applicable margin on the Term Loan was increased from

3.375%

3.875%.

As a result of this amendment,

$1,000

of principal payments originally due in fiscal

2021

have been deferred to fiscal

2026.

In addition, the Company was given financial covenant relief for the quarters ended

June 30, 2020

through

June 30, 2021.

During this period, in lieu of the Total Funded Debt to EBITDA ratio financial covenant, the Company is required to maintain a minimum cumulative EBITDA, as follows: (

)

$1,000

for the fiscal quarter ended

June 30, 2020

and the

two

fiscal quarters ending

September 25, 2020; (

)

$2,500

for the

three

fiscal quarters ending

December 25, 2020; (

)

$6,000

for the

four

fiscal quarters ending

March 26, 2021;

and (

)

$10,000

for the

four

fiscal quarters ending

June 30, 2021.

The Company also entered into a Deposit Account Control Agreement with the Bank, reflecting the Bank's security interest in deposit accounts the Company maintains with the Bank. Under the Fifth Amendment, the Bank

may

not

provide a notice of exclusive control of a deposit account (thereby obtaining exclusive control of the account) prior to the occurrence or existence of a Default or an Event of Default under the Credit Agreement or otherwise upon the occurrence or existence of an event or condition that would, but for the passage of time or the giving of notice, constitute a Default or an Event of Default under the Credit Agreement.

The Company is also required to maintain a minimum liquidity level, and abide by certain cash dividend and capital expenditure restrictions.

Borrowings under the Credit Agreement are secured by substantially all of the Company's personal property, including accounts receivable, inventory, machinery and equipment, and intellectual property. The Company has also pledged

100%

of its equity interests in certain domestic subsidiaries and

65%

of its equity interests in certain foreign subsidiaries. The Company also entered into a Collateral Assignment of Rights under Purchase Agreement for its acquisition of Veth Propulsion.

Upon the occurrence of an event of default, BMO

may

take the following actions upon written notice to the Company: (

) terminate its remaining obligations under the Credit Agreement; (

) declare all amounts outstanding under the Credit Agreement to be immediately due and payable; and (

) demand the Company to immediately cash collateralize letter of credit obligations in an amount equal to

105%

of the aggregate letter of credit obligations or a greater amount if BMO determines a greater amount is necessary. If such event of default is due to the Company's bankruptcy, BMO

may

take the

three

actions listed above without notice to the Company.

In addition to the monthly interest payments and any mandatory principal payments required by the Credit Agreement (if applicable), the Company is responsible for paying a quarterly Revolving Credit Commitment Fee and quarterly Letter of Credit Fees. The Revolving Credit Commitment Fee is paid at an annual rate equal to the Applicable Margin on the average daily unused portion of the Revolving Credit Commitment. The Letter of Credit Fee is paid at the Applicable Margin for Revolving Loans that are Eurodollar Loans on the daily average face amount of Letters of Credit outstanding during the preceding calendar quarter. The Company

may

prepay the Loans (or any

one

of the Loans), subject to certain limitations.

The PPP Loa

April 17, 2020,

the Company entered into a promissory note (the “PPP Note”) evidencing an unsecured loan in the amount of

$8,200

made to the Company under the Payment Protection Plan ("PPP"). The PPP is a liquidity facility program established by the U.S. government as part of the CARES Act in response to the negative economic impact of the COVID-

outbreak. The PPP Loan to the Company is being administered by BMO. The PPP Loan has a

two

-year term and bears interest at a rate of

1.0%

per annum. Monthly principal and interest payments are deferred for

six

months. Beginning

November 17, 2020,

seven

months from the date of the PPP Note, the Company is required to make monthly payments of principal and interest.

The PPP Loan is a forgivable loan to the extent proceeds are used to cover qualified documented payroll, mortgage interest, rent, and utility costs over a

-week measurement period (as amended) following loan funding. For the loan to be forgiven, the Company is required to formally apply for forgiveness, and potentially, required to pass an audit that it met the eligibility qualifications of the loan. Within

150

days from the application, the Company will be notified whether or

not

the loan is forgiven.

In accounting for the terms of the PPP Loan, the Company is guided by ASC

470

Debt

, and ASC

450

Gain contingency

. Accordingly, it recorded the proceeds of the PPP Loan of

$8,200

as debt and it will derecognize the liability when the loan is paid off or it believes forgiveness is reasonably certain. The Company believes that the possibility of loan forgiveness is to be regarded as a contingent gain and therefore will

not

recognize the gain (and derecognize the loan) until all uncertainty is removed (i.e. all conditions for forgiveness are met).

Other:

Other long-term debt pertains mainly to a financing arrangement in Europe. During fiscal

2019,

the Company entered into sale leaseback agreements with a leasing company covering various Company vehicles. Under the terms of the agreements, the Company received

$329

in cash proceeds and agreed to lease back those same vehicles under various terms, ranging from

years. Under ASC

842,

Leases, these agreements are required to be accounted for as financing transactions. Consequently, the Company recorded long-term liabilities for the proceeds received, and they are reduced as lease payments are made. These liabilities carry implied interest rates ranging from

25%.

A total amount of

$74

in principal was paid on these liabilities during the current fiscal year.

During fiscal year

2020,

the average interest rate was

3.64%

on the Term Loan, and

2.72%

on the Revolving Loans.

As of

June 30, 2020,

the Company's borrowing capacity under the terms of the Credit Agreement was approximately

$43,681

and the Company had approximately

$27,040

of available borrowings.

The Company's borrowings described above approximates fair value at

June 30, 2020

and

June 30, 2019.

If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level

in the fair value hierarchy.

The Term Loan is covered by an interest rate swap arrangement with Bank of Montreal, with an outstanding notional amount of

$17,500

and a maturity date of

March 4, 2026.

This swap has been designated as a cash flow hedge under ASC

815,

Derivatives and Hedging. This swap is included in the disclosures in Note S, Derivative Financial Instruments.

The aggregate scheduled maturities of outstanding long-term debt obligations in subsequent years are as follows:

Fiscal Year
2021	$	4,691
2022		6,672
2023		18,684
2024		2,016
2025		2,000
Thereafter		8,524
	$	42,587

Other lines of credit

The Company has established unsecured lines of credit, which

may

be withdrawn at the option of the banks. Under these arrangements, the Company has unused and available credit lines of

$943

with a weighted average interest rate of

5.6%

as of

June 30, 2020,

and

$952

with a weighted average interest rate of

5.0%

as of

June 30, 2019.

Note I - Lease Obligations

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

. LEASE

OBLIGATIONS

In accordance with ASC

842,

Leases, the Company's leases with terms longer than

twelve

months are recorded on the consolidated balance sheets. The Company leases certain office and warehouse space, as well as production and office equipment.

The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and

may

include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. As its lease agreements typically do

not

provide an implicit rate, the Company primarily uses an incremental borrowing rate based upon the information available at lease commencement. In determining the incremental borrowing rate, the Company considers its current borrowing rate, the term of the lease, and the economic environments where the lease activity is concentrated.

The components of lease expense for the years ended

June 30

were as follows:

	2020			2019
Finance lease cost:
Amortization of right-of-use assets	$	188		$	27
Interest on lease liabilities		56			8
Operating lease cost		3,137			3,348
Short-term lease cost		64			40
Variable lease cost		58			37
Total lease cost		3,503			3,460
Less: Sublease income		(212	)		(222	)
Net lease cost	$	3,291		$	3,238

Other information related to leases was as follows:

	2020			2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,141		$	3,338
Operating cash flows from finance leases		167			18
Financing cash flows from finance leases		56			9
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		2,757			13,875
Finance leases		592			553
Weighted average remaining lease term (years):
Operating leases		10.7			11.1
Finance lease		4.0			4.8
Weighted average discount rate:
Operating leases		7.4	%		7.7	%
Finance leases		6.2	%		7.3	%

Approximate future minimum rental commitments under non-cancellable leases as of

June 30, 2020

were as follows:

	Operating Leases			Finance Leases
2021	$	2,724		$	284
2022		2,233			284
2023		1,988			275
2024		1,793			234
2025		1,567			31
Thereafter		10,930			-
Total future lease payments		21,235			1,108
Less: Amount representing interest		(6,773	)		(118	)
Present value of future payments	$	14,462		$	990

The following table provides a summary of leases recorded on the consolidated balance sheet at

June 30.

	Balance Sheet Location	2020		2019
Lease Assets
Operating lease right-of-use assets	Property, plant and equipment, net	$	14,448	$	14,138
Finance lease right-of-use assets	Property, plant and equipment, net		959		545

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	1,724	$	1,933
Operating lease liabilities	Lease obligations		12,738		12,197
Finance lease liabilities	Accrued liabilities		233		104
Finance lease liabilities	Lease obligations		757		449

Subsequent Event:

July 31, 2020,

the Company finalized an agreement to lease a manufacturing, assembly and office facility in Lufkin, Texas. The lease was entered into with the local government as part of the city's economic development program. The new lease has an initial term of

years and a base rent of

$427

per year. The Company will record

$4,500

in finance lease right-of-use assets and

$4,500

in finance lease liabilities. In addition to the lease, the Company has certain leasehold improvements which were made to the facility amounting to

$1,041.

Note J - Shareholders' Equity

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

. SHAREHOLDERS' EQUITY

The Company completed the sale of

1,533,334

shares of its common stock through a registered offering which closed on

September 25, 2018,

at a price to the public of

$22.50

per share. The net proceeds received by the Company and after underwriting expenses of

$2,070

and offering expenses of

$220,

were

$32,210

and were recorded as common shares as of

June 30, 2020.

The proceeds were used to partially pay down the Term Loan and Revolving Loans (see Note H, Debt).

The total number of shares of common stock outstanding at

June 30, 2020

and

2019

was

13,405,993

and

13,240,278,

respectively. At

June 30, 2020

and

2019,

treasury stock consisted of

1,226,809

and

1,392,524

shares of common stock, respectively. The Company issued

186,226

and

157,043

shares of treasury stock in fiscal

2020

and

2019,

respectively, to fulfill its obligations under the stock option plans and restricted stock and performance share award grants, as well as the contingent consideration related to the acquisition of Veth Propulsion Holding B.V. The Company also recorded forfeitures of

20,511

and

3,784

shares of previously issued restricted stock in fiscal

2020

and

2019,

respectively. The difference between the cost of treasury shares and the option price is recorded in common stock.

Under an authorization given by the Board of Directors on

July 27, 2012,

the Company is permitted to make open market purchases of its common stock. The Company did

not

make any open market purchases during the

two

most recent fiscal years. As of

June 30, 2020

and

2019,

315,000

shares remain authorized for purchase.

Cash dividends per share were

$0.00

in both fiscal

2020

and

2019.

The Company is authorized to issue

200,000

shares of preferred stock,

none

of which have been issued. The Company has designated

150,000

shares of the preferred stock as Series A Junior Preferred Stock.

The components of accumulated other comprehensive loss included in equity as of

June 30, 2020

and

2019

are as follows:

	2020			2019
Translation adjustments	$	3,454		$	4,439
Net loss on cash flow hedge derivatives, net of income taxes of $341 and $156, respectively		(1,104	)		(509	)
Benefit plan adjustments, net of income taxes of $13,316 and $12,707 respectively		(43,576	)		(41,901	)
Accumulated other comprehensive loss	$	(41,226	)	$	(37,971	)

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended

June 30, 2020

and

June 30, 2019

is as follows:

	Translation			Benefit Plan			Cash Flow
	Adjustment			Adjustment			Hedges
Balance at June 30, 2019	$	4,439		$	(41,901	)	$	(509	)
Other comprehensive loss before reclassifications		(985	)		(3,792	)		(595	)
Amounts reclassified from accumulated other comprehensive loss		-			2,117			-
Net current period other comprehensive loss		(985	)		(1,675	)		(595	)
Balance at June 30, 2020	$	3,454		$	(43,576	)	$	(1,104	)

	Translation			Benefit Plan			Cash Flow
	Adjustment			Adjustment			Hedges
Balance at June 30, 2018	$	7,085		$	(30,877	)	$	-
Other comprehensive loss before reclassifications		(2,646	)		(6,068	)		(509	)
Release stranded tax effects		-			(6,903	)		-
Amounts reclassified from accumulated other comprehensive loss		-			1,947			-
Net current period other comprehensive loss		(2,646	)		(11,024	)		(509	)
Balance at June 30, 2019	$	4,439		$	(41,901	)	$	(509	)

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended

June 30, 2020

is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(2,982	)
Transition asset and prior service benefit		195
Total before tax benefit		(2,787	)
Tax benefit		670
Total reclassification net of tax	$	(2,117	)

A reconciliation for the reclassifications out of accumulated other comprehensive income (loss), net of tax for the year ended

June 30, 2019

is as follows:

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(2,710	)
Transition asset and prior service benefit		176
Total before tax benefit		(2,534	)
Tax benefit		587
Total reclassification net of tax	$	(1,947	)

Note K - Business Segments and Foreign Operations

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

. BUSINESS SEGMENTS AND FOREIGN OPERATIONS

The Company and its subsidiaries are engaged in the manufacture and sale of marine and heavy duty off-highway power transmission equipment. Principal products include marine transmissions, azimuth drives, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, energy and natural resources, government, and industrial markets.

Net sales by product group is summarized as follows:

	2020		2019
Industrial	$	26,343	$	34,042
Land-based transmissions		62,697		112,793
Marine and propulsion systems		152,501		150,237
Other		5,297		5,591
Total	$	246,838	$	302,663

Industrial products include clutches, power take-offs and pump drives sold to the agriculture, recycling, construction and oil and gas markets. The land based transmission products include applications for oilfield and natural gas, military and airport rescue and fire fighting. The marine and propulsion systems include marine transmission, azimuth drives, controls, surface drives, propellers and boat management systems for the global commercial marine, pleasure craft and patrol boat markets. Other includes non-Twin Disc manufactured product sold through Company-owned distribution entities.

The Company has

two

reportable segments: manufacturing and distribution. Its segment structure reflects the way management makes operating decisions and manages the growth and profitability of the business. It also corresponds with management's approach of allocating resources and assessing the performance of its segments. The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers among segments are at established inter-company selling prices. Management evaluates the performance of its segments based on net earnings.

Information about the Company's segments, before intercompany eliminations, is summarized as follows:

2020	Manufacturing			Distribution		Total
Net Sales	$	227,565		$	95,824	$	323,389
Intra-segment sales		14,230			12,889		27,119
Inter-segment sales		43,854			5,578		49,432
Interest income		346			22		368
Interest expense		2,128			-		2,128
Income taxes		(2,027	)		268		(1,759	)
Depreciation and amortization		11,151			379		11,530
Net (loss) income attributable to Twin Disc		(31,603	)		553		(31,050	)
Assets		365,417			43,118		408,535
Expenditures for segment assets		9,615			734		10,349

2019	Manufacturing		Distribution			Total
Net Sales	$	280,428	$	106,481		$	386,909
Intra-segment sales		20,384		14,026			34,410
Inter-segment sales		46,078		3,758			49,836
Interest income		1,154		26			1,180
Interest expense		3,086		(37	)		3,049
Income taxes		7,939		353			8,292
Depreciation and amortization		12,893		402			13,295
Net income attributable to Twin Disc		25,062		248			25,310
Assets		384,612		46,076			430,688
Expenditures for segment assets		10,725		663			11,388

The following is a reconciliation of reportable segment net sales and net (loss) income to the Company's consolidated totals:

	2020			2019
Net sales:
Total net sales from reportable segments	$	323,389		$	386,909
Elimination of inter-company sales		(76,551	)		(84,246	)
Total consolidated net sales	$	246,838		$	302,663

Net (loss) income attributable to Twin Disc:
Total net (loss) income from reportable segments	$	(31,050	)	$	25,310
Other adjustments and corporate expenses		(8,767	)		(14,637	)
Total consolidated net (loss) income attributable to Twin Disc	$	(39,817	)	$	10,673

Corporate expenses pertain to certain costs that are

not

allocated to the reportable segments, primarily consisting of unallocated corporate overhead costs, including administrative functions and global functional expenses.

Other significant items:

	Segment						Consolidated
	Totals			Adjustments			Totals
2020
Interest income	$	368		$	(290	)	$	78
Interest expense		2,128			(268	)		1,860
Income taxes		(1,759	)		(2,410	)		(4,169	)
Depreciation and amortization		11,530			395			11,925
Assets		408,535			(114,408	)		294,127
Expenditures for segment assets		10,349			350			10,699

2019
Interest income	$	1,180		$	(1,137	)	$	43
Interest expense		3,049			(1,122	)		1,927
Income taxes		8,292			(4,581	)		3,711
Depreciation and amortization		13,295			317			13,612
Assets		430,688			(83,818	)		346,870
Expenditures for segment assets		11,388			591			11,979

All adjustments represent inter-company eliminations and corporate amounts.

Geographic information about the Company is summarized as follows:

	2020		2019
Net sales
United States	$	83,771	$	132,467
Netherlands		39,501		31,521
China		26,354		28,772
Austria		12,552		10,464
Australia		12,438		12,463
Italy		11,802		12,755
Canada		5,664		10,875
Other countries		54,756		63,346
Total	$	246,838	$	302,663

Net sales by geographic region are based on product shipment destination.

Long-lived assets primarily pertain to property, plant and equipment and exclude goodwill, other intangibles, and deferred income taxes. They are summarized as follows:

	2020		2019
Long-lived assets
United States	$	41,996	$	41,233
Netherlands		12,659		13,186
Belgium		8,363		8,595
Switzerland		6,804		6,810
Italy		1,697		1,894
Other countries		5,205		3,298
Total	$	76,724	$	75,016

The Company has

one

distributor customer, primarily of its manufacturing segment, that accounted for

10%

of total Company sales for fiscal

2020.

There were

customers that accounted for

10%

of consolidated net sales in fiscal

2019.

Disaggregated revenue:

The following tables present details deemed most relevant to the users of the financial statements for the years ended

June 30, 2020

and

June 30, 2019.

Net sales by product group for the year ended

June 30, 2020

is summarized as follows:

	Manufacturing		Distribution		Elimination of Intercompany Sales			Total
Industrial	$	24,143	$	5,634	$	(3,434	)	$	26,343
Land-based transmissions		63,523		25,699		(26,525	)		62,697
Marine and propulsion systems		139,833		59,212		(46,544	)		152,501
Other		66		5,279		(48	)		5,297
Total	$	227,565	$	95,824	$	(76,551	)	$	246,838

Net sales by product group for the year ended

June 30, 2019

is summarized as follows:

	Manufacturing		Distribution		Elimination of Intercompany Sales			Total
Industrial	$	30,393	$	8,079	$	(4,430	)	$	34,042
Land-based transmissions		111,260		30,483		(28,950	)		112,793
Marine and propulsion systems		138,704		62,329		(50,796	)		150,237
Other		71		5,590		(70	)		5,591
Total	$	280,428	$	106,481	$	(84,246	)	$	302,663

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Note L - Stock-based Compensation

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

. STOCK

-BASED COMPENSATION

In fiscal

2019,

the Company adopted the Twin Disc, Incorporated

2018

Long-Term Incentive Plan (the

“2018

LTI Plan”). Benefits under the

2018

LTI Plan

may

be granted, awarded or paid in any

one

or a combination of stock options, stock appreciation rights, restricted stock awards, restricted stock units, cash-settled restricted stock units, performance stock awards, performance stock unit awards, performance unit awards, and dividend equivalent awards. There is reserved for issuance under the Plan an aggregate of

850,000

shares of the Company's common stock, which

may

be authorized and unissued shares or shares reacquired by the Company in the open market or a combination of both. The aggregate amount is subject to proportionate adjustments for stock dividends, stock splits and similar changes.

In fiscal

2011,

the Company adopted the Twin Disc, Incorporated

2010

Stock Incentive Plan for Non-Employee Directors (the

“2010

Directors' Plan”), a plan to grant non-employee directors equity-based awards up to

250,000

shares of common stock, and the Twin Disc, Incorporated

2010

Long-Term Incentive Compensation Plan (the

“2010

Employee Incentive Plan”), a plan under which officers and key employees

may

be granted equity-based awards up to

650,000

shares of common stock. Equity-based awards granted under these plans include performance shares and restricted stock.

Shares available for future awards as of

June 30

were as follows:

	2020		2019
2018 LTI Plan		492,591		742,325
2010 Directors' Plan		12,865		61,354

Performance Stock Awards (“PSA”)

In fiscal

2020

and

2019,

the Company granted a target number of

131,688

and

50,004

PSAs, respectively, to various employees of the Company, including executive officers.

The PSAs granted in fiscal

2020

will vest if the Company achieves performance-based target objectives relating to average return on invested capital, average annual sales and average annual Earnings Per Share (“EPS”) (as defined in the PSA Grant Agreement), in the cumulative

three

fiscal year period ending

June 30, 2022.

These PSAs are subject to adjustment if the Company's return on invested capital, net sales, and EPS for the period falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is

184,766.

Based upon actual results to date, the Company is

not

currently accruing compensation expense for these PSAs.

The PSAs granted in fiscal

2019

three

fiscal year period ending

June 30, 2021.

67,007.

Based upon actual results to date, the Company is

not

currently accruing compensation expense for these PSAs.

There were

167,848

and

96,124

unvested PSAs outstanding at

June 30, 2020

and

2019,

respectively. A total of

13,844

and

shares of performance stock awards were forfeited during fiscal

2020

and

2019,

respectively. The fair value of the PSAs (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. The compensation (benefit) expense for the year ended

June 30, 2020

and

2019,

related PSAs, was (

$368

) and

$1,196,

respectively. The tax (expense) benefit from compensation (benefit) expense for the year ended

June 30, 2020

and

2019,

related PSAs, was (

$87

) and

$278,

respectively. The weighted average grant date fair value of the unvested awards at

June 30, 2020

was

$14.78.

June 30, 2020,

the Company had

$2,480

of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal

2020

and

2019

awards. The total fair value of performance stock awards vested in fiscal

2020

was

$167.

The total fair value of performance stock awards vested in fiscal

2019

was

$1,228.

Restricted Stock Awards (“RS”)

The Company has unvested RS outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation over the vesting period, which is generally

years. During fiscal

2020

and

2019,

the Company granted

180,379

and

43,305

service based restricted shares, respectively, to employees and non-employee directors in each year. A total of

20,511

and

3,784

shares of restricted stock were forfeited during fiscal

2020

and

2019,

respectively. There were

231,379

and

172,637

unvested shares outstanding at

June 30, 2020

and

2019,

respectively. Compensation expense of

$1,200

and

$1,096

was recognized during the year ended

June 30, 2020

and

2019,

respectively, related to these service-based awards. The tax benefit from compensation expense for the year ended

June 30, 2020

and

2019

related to these service-based awards, was

$283

and

$255,

respectively. The total fair value of restricted stock grants vested in fiscal

2020

and

2019

was

$1,241

and

$2,391,

respectively. As of

June 30, 2020,

the Company had

$1,307

of unrecognized compensation expense related to restricted stock which will be recognized over the next

three

years.

Restricted Stock

Unit

Awards (“RS

”)

Under the

2018

Long Term Incentive Plan, the Company has been authorized to issue RSUs. The RSUs entitle the employee to shares of common stock of the Company if the employee remains employed by the Company through a specified date, generally

three

years from the date of grant. During fiscal

2019,

the Company granted

37,950

RSUs to various employees of the Company, including executive officers. The fair value of the RSUs (on the date of grant) is recorded as compensation expense over the vesting period. There were

37,950

unvested RSUs outstanding at

June 30, 2020

and

June 30, 2019.

Compensation expense of

$326

and

$299

was recognized during the year ended

June 30, 2020

and

2019,

respectively. The tax benefit from compensation expense for the year ended

June 30, 2020

and

2019,

related to these service-based awards, was

$77

and

$69,

respectively. The weighted average grant date fair value of the unvested awards at

June 30, 2020

was

$25.77.

As of

June 30, 2020,

the Company had

$353

of unrecognized compensation expense related to RSUs which will be recognized over the next

two

years.

Stock Options

The

2010

Directors' Plan

may

grant options to purchase shares of common stock, at the discretion of the Board of Directors, to non-employee directors who are elected or reelected to the board, or who continue to serve on the board. Such options carry an exercise price equal to the fair market value of the Company's common stock as of the date of grant, vest immediately, and expire

ten

years after the date of grant. Options granted under the

2018

Employee Incentive Plan are determined to be non-qualified or incentive stock options as of the date of grant, and

may

carry a vesting schedule. For options under the

2018

Employee Incentive Plan that are intended to qualify as incentive stock options, if the optionee owns more than

10%

of the total combined voting power of the Company's stock, the price will

not

be less than

110%

of the grant date fair market value and the options expire

five

years after the date of grant. There were

incentive options granted to a greater than

10%

shareholder during the years presented. There were

options outstanding under the

2010

Directors' Plan and the

2018

Employee Incentive Plan as of

June 30, 2020

and

2019.

Note M - Engineering and Development Costs	12 Months Ended
Note M - Engineering and Development Costs	Jun. 30, 2020
Notes to Financial Statements
Research, Development, and Computer Software Disclosure [Text Block]	M . ENGINEERING AND DEVELOPMENT COSTS Engineering and development costs include research and development expenses for new products, development and major improvements to existing products, and other costs for ongoing efforts to refine existing products. Research and development costs charged to operations totaled $1,820 and $2,385 in fiscal 2020 and 2019, respectively. Total engineering and development costs were $10,998 and $12,594 in fiscal 2020 and 2019, respectively.

Note N - Pension and Other Postretirement Benefit Plans

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

. P

ENSION

AND OTHER POSTRETIREMENT BENEFIT PLANS

The Company has non-contributory, qualified defined benefit pension plans covering substantially all domestic employees hired prior to

October 1, 2003,

and certain foreign employees. Domestic plan benefits are based on years of service, and, for salaried employees, on average compensation for benefits earned prior to

January 1, 1997,

and on a cash balance plan for benefits earned from

January 1, 1997

through

July 31, 2009,

at which time the Company froze future accruals under domestic defined benefit pension plans. The Company's funding policy for the plans covering domestic employees is to contribute an actuarially determined amount which falls between the minimum required contribution and maximum amount that can be deducted for federal income tax purposes.

In addition, the Company has unfunded, non-qualified retirement plans for certain management employees and Directors. In the case of management employees, benefits are based on an annual credit to a bookkeeping account, intended to restore the benefits that would have been earned under the qualified plans, but for the earnings limitations under the Internal Revenue Code. In the case of Directors, benefits are based on years of service on the Board. All benefits vest upon retirement from the Company.

In addition to providing pension benefits, the Company provides other postretirement benefits, including healthcare and life insurance benefits for certain domestic retirees. All employees retiring after

December 31, 1992,

and electing to continue healthcare coverage through the Company's group plan, are required to pay

100%

of the premium cost.

The measurement date for the Company's pension and postretirement benefit plans in fiscal

2020

and

2019

was

June 30.

Obligations and Funded Status

The following table sets forth the Company's defined benefit pension plans' and other postretirement benefit plans' funded status and the amounts recognized in the Company's balance sheets and statement of operations and comprehensive (loss) income as of

June 30:

							Other
	Pension						Postretirement
	Benefits						Benefits
	2020			2019			2020			2019
Change in benefit obligation:
Benefit obligation, beginning of year	$	107,322		$	105,012		$	7,451		$	8,077
Service cost		653			795			17			19
Interest cost		3,305			4,020			219			305
Actuarial loss		3,161			6,718			211			18
Contributions by plan participants		93			103			352			389
Benefits paid		(9,014	)		(9,326	)		(1,191	)		(1,357	)
Benefit obligation, end of year	$	105,520		$	107,322		$	7,059		$	7,451

Change in plan assets:
Fair value of assets, beginning of year	$	87,291		$	90,258		$	-		$	-
Actual return on plan assets		3,541			4,125			-			-
Employer contribution		1,373			2,131			839			968
Contributions by plan participants		93			103			352			389
Benefits paid		(9,014	)		(9,326	)		(1,191	)		(1,357	)
Fair value of assets, end of year	$	83,284		$	87,291		$	-		$	-

Funded status	$	(22,236	)	$	(20,031	)	$	(7,059	)	$	(7,451	)

Amounts recognized in the balance sheet consist of:
Other assets - noncurrent	$	-		$	3		$	-		$	-
Accrued liabilities - current		(276	)		(645	)		(1,081	)		(962	)
Accrued retirement benefits - noncurrent		(21,960	)		(19,389	)		(5,978	)		(6,489	)
Net amount recognized	$	(22,236	)	$	(20,031	)	$	(7,059	)	$	(7,451	)

Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation	$	158		$	178		$	-		$	-
Prior service cost		104			144			(697	)		(908	)
Actuarial net loss		43,548			42,185			463			302
Net amount recognized	$	43,810		$	42,507		$	(234	)	$	(606	)

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year for the qualified defined benefit and other postretirement benefit plans are as follows:

			Other
	Pension		Postretirement
	Benefits		Benefits
Net transition obligation	$	35	$	-
Prior service cost		45		(275	)
Actuarial net loss		3,246		-
Net amount to be recognized	$	3,326		(275	)

The accumulated benefit obligation for all defined benefit pension plans was approximately

$105,520

and

$107,322

June 30, 2020

and

2019,

respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets

	June 30
	2020		2019
Projected and accumulated benefit obligation	$	105,520	$	102,879
Fair value of plan assets		83,284		82,845

Components of Net Periodic Benefit Cost

	Pension Benefits
	2020			2019
Service cost	$	648		$	792
Interest cost		3,304			4,019
Expected return on plan assets		(4,894	)		(5,238	)
Amortization of transition obligation		35			34
Amortization of prior service cost		45			64
Amortization of actuarial net loss		2,982			2,710
Net periodic benefit cost	$	2,120			2,381

	Other Postretirement Benefits
	2020			2019
Service cost	$	17		$	18
Interest cost		219			304
Amortization of prior service cost		(274	)		(274	)
Net periodic benefit cost	$	(38	)	$	48

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

for Fiscal

(Pre-tax):

				Other
				Postretirement
	Pension			Benefits
Net loss	$	4,770		$	211
Amortization of transition asset		(35	)		-
Amortization of prior service (cost) benefit		(45	)		275
Amortization of net (loss) gain		(2,978	)		-
Total recognized in other comprehensive income		1,712			486
Net periodic benefit cost		2,120			(38	)
Total recognized in net periodic benefit cost and other comprehensive income	$	3,832		$	448

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income for Fiscal

201

(Pre-tax):

				Other
				Postretirement
	Pension			Benefits
Net loss	$	8,098		$	18
Prior service cost		(211	)		-
Amortization of transition asset		(34	)		-
Amortization of prior service (cost) benefit		(64	)		275
Amortization of net (loss) gain		(2,711	)		-
Total recognized in other comprehensive income		5,078			293
Net periodic benefit cost		2,381			48
Total recognized in net periodic benefit cost and other comprehensive income	$	7,459		$	341

Additional Information

Assumptions

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at June 30
	2020			2019			2020			2019
Discount rate		2.49	%		3.22	%		2.37	%		3.15	%
Expected return on plan assets		5.89	%		6.04	%

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine net periodic benefit costs for years ended June 30
	2020			2019			2020			2019
Discount rate		3.22	%		4.01	%		3.15	%		4.09	%
Expected return on plan assets		6.04	%		6.74	%

The assumed weighted-average healthcare cost trend rate was

6.25%

2020,

grading down to

2025.

increase in the assumed health care cost trend would increase the accumulated postretirement benefit obligation by approximately

$84

and the service and interest cost by approximately

$3.

decrease in the assumed health care cost trend would decrease the accumulated postretirement benefit obligation by approximately

$71

and the service and interest cost by approximately

$3.

Plan Assets

The Company's Benefits Committee (“Committee”), a non-board management committee, oversees investment matters related to the Company's funded benefit plans. The Committee works with external actuaries and investment consultants on an ongoing basis to establish and monitor investment strategies and target asset allocations. The overall objective of the Committee's investment strategy is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension plans. The Committee has established an Investment Policy Statement which provides written documentation of the Company's expectations regarding its investment programs for the pension plans, establishes objectives and guidelines for the investment of the plan assets consistent with the Company's financial and benefit-related goals, and outlines criteria and procedures for the ongoing evaluation of the investment program. The Company employs a total return on investment approach whereby a mix of investments among several asset classes are used to maximize long-term return of plan assets while avoiding excessive risk. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, and annual liability measurements.

The Company's pension plan weighted-average asset allocations at

June 30, 2020

and

2019

by asset category were as follows:

	Target			June 30
Asset Category	Allocation			2020			2019
Equity securities		51	%		47	%		49	%
Debt securities		40	%		44	%		42	%
Real estate		9	%		9	%		9	%
		100	%		100	%		100	%

Due to market conditions and other factors, actual asset allocation

may

vary from the target allocation outlined above. The U.S. pension plans held

98,211

shares of Company stock with a fair market value of

$544

(

0.7%

of total plan assets) at

June 30, 2020

and

98,211

shares with a fair market value of

$1,483

(

1.7%

of total plan assets) at

June 30, 2019.

The U.S. plans have a long-term return assumption of

6.10%.

This rate was derived based upon historical experience and forward-looking return expectations for major asset class categories. The weighted average long-term return across all plans is

5.89%.

Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are classified into the following hierarchy:

	Level I	Unadjusted quoted prices in active markets for identical instruments
	Level II	Unadjusted quoted prices in active markets for similar instruments, or
		Unadjusted quoted prices for identical or similar instruments in markets that are not active, or
		Other inputs that are observable in the market or can be corroborated by observable market data
	Level III	Use of one or more significant unobservable inputs

The following table presents plan assets using the fair value hierarchy as of

June 30, 2020:

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	920	$	920	$	-	$	-
Equity securities:
Company common stock (a)		544		544		-		-
Common stock (a)		14,551		14,551		-		-
Mutual funds (b)		7,916		7,916		-		-
Annuity contracts (c)		6,095		-		-		6,095
Total	$	30,026	$	23,931	$	-	$	6,095
Investments Measured at Net Asset Value (d)		53,258
Total	$	83,284

The following table presents plan assets using the fair value hierarchy as of

June 30, 2019:

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	971	$	971	$	-	$	-
Equity securities:
Company common stock (a)		1,483		1,483		-		-
Common stock (a)		16,713		16,713		-		-
Mutual funds (b)		7,963		7,963		-		-
Annuity contracts (c)		6,171		-		-		6,171
Total	$	33,301	$	27,130	$	-	$	6,171
Investments Measured at Net Asset Value (d)		53,990
Total	$	87,291

(a) Common stock is valued at the closing price reported on the active market on which the individual securities are traded. These securities include U.S. equity securities invested in companies that are traded on exchanges inside the U.S. and international equity securities invested in companies that are traded on exchanges outside the U.S.

(b) Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company's funded benefit plans are open-end mutual funds that are registered with the Securities Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company's funded benefit plans are deemed to be actively traded.

(c) Annuity contracts represent contractual agreements in which payments are made to an insurance company, which agrees to pay out an income or lump sum amount at a later date. Annuity contracts are valued at the net present value of future cash flows.

(d) In accordance with ASC

820

10,

certain investments that were measured at net asset value per share (or its equivalent) have

not

been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at the end of the year.

The following table sets forth additional disclosures for the fair value measurement of the fair value of pension plan assets that calculate fair value based on NAV per share practical expedient as of

June 30, 2020

and

June 30, 2019:

	2020		2019
Fixed income funds	$	33,032	$	33,568
International equity securities		2,840		3,168
Real estate		7,186		7,069
Hedged equity mutual funds		10,200		10,185
Total	$	53,258	$	53,990

The following tables present a reconciliation of the fair value measurements using significant unobservable inputs (Level III) as of

June 30, 2020

and

2019:

	2020			2019
Beginning balance	$	6,171		$	6,113
Actual return on plan assets:
Relating to assets still held at reporting date		75			216
Purchases, sales and settlements, net		(151	)		(158	)
Ending balance	$	6,095		$	6,171

Cash Flows

Contributions

The Company expects to contribute

$2,346

to its defined benefit pension plans in fiscal

2021.

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

			Other
	Pension		Postretirement
	Benefits		Benefits

2021	$	8,944	$	1,094
2022		8,230		843
2023		7,936		769
2024		7,547		693
2025		7,197		608
Years 2026 - 2030		32,605		2,273

The Company does

not

expect to make any Part D reimbursements for the periods presented.

The Company sponsors defined contribution plans covering substantially all domestic employees and certain foreign employees. These plans provide for employer contributions based primarily on employee participation. The total expense under the plans was

$1,949

and

$2,276

in fiscal

2020

and

2019,

respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Note O - Income Taxes

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

. INCOME TAXES

United States and foreign (loss) income before income taxes and minority interest were as follows:

	2020			2019
United States	$	(29,332	)	$	7,059
Foreign		(14,408	)		7,448
	$	(43,740	)	$	14,507

The (benefit) provision for income taxes is comprised of the following:

	2020			2019
Currently payable:
Federal	$	(149	)	$	248
State		30			261
Foreign		4,022			(3,644	)
		3,903			(3,135	)
Deferred:
Federal		(5,673	)		920
State		(860	)		(7	)
Foreign		(1,539	)		5,933
		(8,072	)		6,846
	$	(4,169	)	$	3,711

The components of the net deferred tax asset as of

June 30

are summarized in the table below.

	2020		2019
Deferred tax assets:
Retirement plans and employee benefits	$	7,934	$	7,732
Foreign tax credit carryforwards		7,429		6,296
Federal tax credits		1,585		1,057
State net operating loss and other state credit carryforwards		1,696		1,269
Federal net operating loss		1,607		-
Inventory		205		757
Reserves		1,056		765
Foreign NOL carryforwards		555		775
Accruals		823		339
Right of use assets - operating leases		3,920		3,691
Disallowed interest		418		-
Disallowed PPP expenses		1,320		-
Other assets		832		656
		29,380		23,337
Deferred tax liabilities:
Property, plant and equipment		3,231		3,432
Intangibles		3,306		5,345
Long term operating lease obligations		3,855		3,617
Other liabilities		44		194
		10,436		12,588
Valuation allowance		-		-
Total net deferred tax assets	$	18,944	$	10,749

June 30, 2020

the Company has net operating loss carryforwards (“NOLs”) of approximately

$7,655

and

$23,132

for federal and state income tax purposes, respectively, which will expire at various dates from fiscal year

2023

–

2040.

Federal NOLs generated in fiscal

2020

$7,655

have an indefinite carryover period. The Company has federal and state tax credit carryforwards of approximately

$9,410

and

$975,

respectively, which will expire at various dates from fiscal

2026

–

2040.

The Company maintains valuation allowances when it is more likely than

not

that all or a portion of a deferred tax asset will

not

be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. In determining whether a valuation allowance is required, the Company takes into account such factors as prior earnings history, expected future earnings, carry-back and carry-forward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. The Company has evaluated the likelihood of whether the net deferred tax assets would be realized and concluded that it is more likely than

not

that all of deferred tax assets would be realized. Management believes that it is more likely than

not

that the results of future operations will generate sufficient taxable income and foreign source income to realize all the deferred tax assets.

Following is a reconciliation of the applicable U.S. federal income taxes to the actual income taxes reflected in the statements of operations:

	2020			2019

U.S. federal income tax at 21%	$	(9,185	)	$	3,046
Increases (reductions) in tax resulting from:
Foreign tax items		236			281
State taxes		(716	)		209
Change in prior year estimate		(213	)		(50	)
Research and development tax credits		(412	)		(306	)
Goodwill impairment		4,814			-
Unrecognized tax benefits		9			158
Stock compensation		(93	)		(153	)
Rate changes		237			15
Deferred tax basis adjustments		(138	)		(111	)
Executive compensation		-			291
GILTI inclusion		1,220			284
FDII deduction		-			(74	)
Other, net		72			121
	$	(4,169	)	$	3,711

December 22, 2017,

the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the Internal Revenue Code. The Tax Act is generally applicable for tax years beginning after

December 31, 2017,

which is the Company's fiscal year

2018.

However, several provisions of the Tax Act have differing effective dates, meaning these provisions did

not

impact the Company's financial statements until fiscal year

2019.

The provisions impacting the Company's fiscal year

2019

financial statements include the global intangible low taxed income (“GILTI”) income and foreign-derived intangible income (“FDII”) deduction and limitations on the deductibility of executive compensation.

Executive Compensation Limitations:

The Tax Act substantially modifies the limitation on corporate deductibility of executive compensation under Section

162

(m) of the Code. Section

162

(m) limits the deduction for compensation paid by a publicly held corporation to certain of its executive employees to

$1,000

per year. The Tax Act has amended the definition of “covered employee” to correspond to the general SEC reporting requirements for named executive officers. These are the corporation's principal executive officer, principal financial officer, and the next

three

highest-paid executive officers. Most significantly, the Tax Act has eliminated the exemptions for commissions and performance-based compensation.

Global Intangible Low Taxed Income (“GILTI”):

The Tax Act changed the foreign source income calculations and related foreign tax credit amounts. The GILTI require

10%

domestic shareholders (US Shareholders) of controlled foreign corporations (CFC's) to include in gross income annually the U.S. Shareholders' pro rata share of GILTI for the year.

Foreign Derived Intangible Income (“FDII”):

The Tax Act provides companies with a new permanent deduction. An incentive for C corporations to generate revenue from serving foreign markets, the provision applies a preferential tax rate to eligible income. The new tax law assumes a fixed rate of return on a corporation's tangible assets. Any remaining income is deemed to be generated by intangible assets.

The Company has

not

provided additional U.S. income taxes on cumulative earnings of consolidated foreign subsidiaries that are considered to be reinvested indefinitely. The Company reaffirms its position that these earnings remain permanently invested, and has

plans to repatriate funds to the U.S. for the foreseeable future. These earnings relate to ongoing operations and were approximately

$1,729

and

$6,208

June 30, 2020

and

June 30, 2019,

respectively. Such earnings could become taxable upon the sale or liquidation of these foreign subsidiaries or upon dividend repatriation. The Company's intent is for such earnings to be reinvested by the subsidiaries or to be repatriated only when it would be tax effective through the utilization of foreign tax credits.

Annually, the company files income tax returns in various taxing jurisdictions inside and outside the United States. In general, the tax years that remain subject to examination are

2016

through

2020

for our major operations in Italy, Belgium and Japan. The tax years open to examination in the U.S. are for years subsequent to fiscal

2016

The Company has approximately

$918

and

$938

of unrecognized tax benefits as of

June 30, 2020

and

June 30, 2019,

respectively, which, if recognized would impact the effective tax rate. During the fiscal year the amount of unrecognized tax benefits decreased primarily due to statute of limitations that expired. During the next

twelve

months, the Company anticipates closure of the Wisconsin income tax audit for the periods fiscal year

2010

through fiscal year

2013.

This could result in a significant change to the unrecognized tax benefits. The Company's policy is to accrue interest and penalties related to unrecognized tax benefits in income tax expense.

Below is a reconciliation of beginning and ending amount of unrecognized tax benefits as of

June 30:

	2020			2019
Unrecognized tax benefits, beginning of year	$	938		$	816
Additions based on tax positions related to the prior year		17			31
Additions based on tax positions related to the current year		87			91
Reductions based on tax positions related to the prior year		(19	)		-
Subtractions due to statutes closing		(105	)		-
Unrecognized tax benefits, end of year	$	918		$	938

Substantially all of the Company's unrecognized tax benefits as of

June 30,

3020,

if recognized, would affect the effective tax rate. As of

June 30, 2020

and

2019,

the amounts accrued for interest and penalties totaled

$185

and

$148,

respectively, and are

not

included in the reconciliation above.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note P - Contingencies	12 Months Ended
Note P - Contingencies	Jun. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	P . CONTINGENCIES The Company is involved in litigation of which the ultimate outcome and liability to the Company, if any, are not presently determinable. Management believes that final disposition of such litigation will not have a material impact on the Company's results of operations, financial position or cash flows, either individually or in the aggregate.

Note Q - Restructuring of Operations and Other Operating Income

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

. RESTRUCTURING OF OPERATIONS

AND OTHER OPERATING INCOME

Restructuring expenses

The Company has implemented various restructuring programs in response to unfavorable macroeconomic trends in certain of the Company's markets since the

fourth

quarter of fiscal

2015.

These programs primarily involved the reduction of workforce in several of the Company's manufacturing locations, under a combination of voluntary and involuntary programs. In its European operations, the Company also implemented actions to reorganize for productivity.

These actions resulted in restructuring charges of

$1,953

and

$1,179

in fiscal

2020

and

2019,

respectively.

Restructuring activities since

June 2015

have resulted in the elimination of

207

full-time employees in the manufacturing segment. Accumulated costs to date under these programs within the manufacturing segment through

June 30, 2020

were

$12,405.

During the

second

quarter of fiscal

2020,

a marine propulsion development program, for which the Company had provided development and production services, was terminated. The cost of exiting the contract consisted of a noncash write-off of assets and liabilities relating to the program amounting to

$2,185,

and a cash settlement to satisfy supplier commitments associated with the program amounting to

$1,000.

The Company has classified the total contract exit cost of

$3,185

as a restructuring charge within the manufacturing segment, in the year ended

June 30, 2020.

The following is a roll-forward of restructuring activity:

Accrued restructuring liability, June 30, 2018	$	90
Additions		1,179
Payments and adjustments		(1,269	)
Accrued restructuring liability, June 30, 2019		-
Additions		5,138
Payments and adjustments		(5,054	)
Accrued restructuring liability, June 30, 2020	$	84

Other Operating Income – Sale of Mill Log Business

February 7, 2019,

as part of its ongoing initiative to focus resources on core manufacturing and product development activities, the Company entered into an asset purchase agreement with

one

of its major distributor customers. Under this agreement, the Company sold substantially all of the assets and intangible rights of Mill-Log Equipment Co., Inc. and Mill-Log Wilson Equipment Ltd. (the “Mill Log Business”), its wholly-owned subsidiaries which distributed Twin Disc products in the northwestern U.S. and western Canada territories. The Mill Log Business reported pre-tax loss of

$1,374

in fiscal

2019.

The results of operations from the Mill Log Business were reported as part of the Company's distribution segment. Assets sold consisted primarily of inventories, with a carrying value of

$6,298,

and property and equipment including right-of-use leases, with a carrying value of

$592.

The sale closed on

March 4, 2019

and the Company received a total consideration of

$7,658,

consisting of cash proceeds of

$5,158

and a note receivable for

$2,500

due on

March 4, 2020.

As of

June 30, 2020,

the Company has agreed to a revised payment schedule after collecting

$500,

and is carrying the balance of

$1,200

and

$800

in other current assets and other assets, respectively. The Company recognized a pre-tax gain on sale of the Mill Log Business of

$768,

and recorded it as part of other operating income in the statement of operations in fiscal

2019.

Other Operating Income – Fair Value Adjustment of Contingent Consideration

As discussed in Note B, Acquisition of Veth Propulsion Holding B.V., the Company issued a contingent consideration as part of the Veth Propulsion acquisition; the fair value at acquisition date was

$2,921.

The contingency was settled after Veth Propulsion demonstrated that it achieved the earnings before interest, tax, depreciation and amortization (“EBITDA”) amount as provided for under the Purchase Agreement.

May 13, 2019,

the Company issued

139,347

shares of the Company's common stock, with a fair value of

$1,991

in settlement of the contingent consideration. Under ASC

805,

Business Combinations, any change in fair value of the contingent consideration is recognized in the current period statement of operations and comprehensive (loss) income and is

not

an adjustment to the opening balance sheet or the determination of goodwill. Accordingly, the Company recognized a gain of

$809,

after foreign exchange impact; this amount is reported as other operating income in fiscal

2019.

Note R - Earnings Per Share

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

EARNINGS PER SHARE

The Company calculates basic earnings per share based upon the weighted average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes all potential common shares if their inclusion would have an anti-dilutive effect. Restricted stock award recipients under the

2010

LTI Plan have a non-forfeitable right to receive dividends declared by the Company, and are therefore included in computing earnings per share pursuant to the

two

-class method.

The components of basic and diluted earnings per share were as follows:

	2020			2019
Basic:
Net (loss) income	$	(39,571	)	$	10,796
Less: Net earnings attributable to noncontrolling interest		(246	)		(123	)
Less: Undistributed earnings attributable to unvested shares		-			(148	)
Net (loss) income available to Twin Disc shareholders		(39,817	)		10,525

Weighted average shares outstanding - basic		13,153			12,571

Basic (Loss) Income Per Share:
Net (loss) income per share - basic	$	(3.03	)	$	0.84

Diluted:
Net (loss) income	$	(39,571	)	$	10,796
Less: Net earnings attributable to noncontrolling interest		(246	)		(123	)
Less: Undistributed earnings attributable to unvested shares		-			(148	)
Net (loss) income available to Twin Disc shareholders		(39,817	)		10,525

Weighted average shares outstanding - basic		13,153			12,571
Effect of dilutive stock awards		-			111
Weighted average shares outstanding - diluted		13,153			12,682

Diluted (Loss) Income Per Share:
Net (loss) income per share - diluted	$	(3.03	)	$	0.83

The following potential common shares were excluded from diluted EPS for the year ended

June 30, 2020

as the Company reported a net loss:

167,848

related to the Company's unvested PSAs,

231,379

related to the Company's unvested RS awards, and

37,950

related to the Company's unvested RSUs.

The following potential common shares were excluded from diluted EPS for the year ended

June 30, 2019

because they were anti-dilutive:

80,164

related to the Company's unvested PSAs,

172,637

related to the Company's unvested RS awards,

13,123

related to the Company's unvested RSUs, and

3,483

related to outstanding stock options.

Note S - Derivative Financial Instruments

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

ERIVATIVE

FINANCIAL INSTRUMENTS

The Company reports all derivative instruments on its consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of transactions entered into for hedging purposes.

As a global organization, the Company faces exposure to market risks, such as fluctuations in foreign currency exchange rates, interest rates and commodity prices. To manage the volatility relating to these exposures, the Company enters into various derivative instruments from time to time under its risk management policies. The Company designates derivative instruments as hedges on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments offset in part or in whole corresponding changes in the fair value or cash flows of the underlying exposures being hedged. The Company assesses the initial and ongoing effectiveness of its hedging relationships in accordance with its policy. The Company does

not

purchase, hold or sell derivative financial instruments for trading purposes. The Company's practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if it determines the underlying forecasted transaction is

longer probable of occurring.

Interest Rate Swaps

Designated as Cash Flow Hedges

The primary purpose of the Company's cash flow hedging activities is to manage the potential changes in value associated with interest payments on the Company's LIBOR-based indebtedness. The Company records gains and losses on interest rate swap contracts qualifying as cash flow hedges in accumulated other comprehensive loss to the extent that these hedges are effective and until the Company recognizes the underlying transactions in net earnings, at which time these gains and losses are recognized in interest expense on its consolidated statements of operations and comprehensive (loss) income. Cash flows from derivative financial instruments are classified as cash flows from financing activities on the consolidated statements of cash flows. These contracts generally have original maturities of greater than

twelve

months.

Net unrealized after-tax losses related to cash flow hedging activities that were included in accumulated other comprehensive loss were

$1,104

and

$509

for the years ended

June 30, 2020

and

2019,

respectively. The unrealized amounts in accumulated other comprehensive loss will fluctuate based on changes in the fair value of open contracts during each reporting period.

The Company estimates that

$392

of net unrealized losses related to cash flow hedging activities included in accumulated other comprehensive loss will be reclassified into earnings within the next

twelve

months.

Foreign Currency Forward Contracts

Not

Designated as Hedges

The Company primarily enters into forward exchange contracts to reduce the earnings and cash flow impact of non-functional currency denominated receivables and payables. These contracts are highly effective in hedging the cash flows attributable to changes in currency exchange rates. Gains and losses resulting from these contracts offset the foreign exchange gains or losses on the underlying assets and liabilities being hedged. The maturities of the forward exchange contracts generally coincide with the settlement dates of the related transactions. Gains and losses on these contracts are recorded in other expense, net in the consolidated statement of operations and comprehensive (loss) income as the changes in the fair value of the contracts are recognized and generally offset the gains and losses on the hedged items in the same period. The primary currency to which the Company was exposed in fiscal

2020

and

2019

was the euro. At

June 30, 2020,

one

of the Company's foreign subsidiaries had

one

outstanding forward exchange contract to purchase U.S. dollars in the notional value of

$1,247

with a weighted average maturity of

days. The fair value of the Company's contract was a loss of

June 30, 2020.

The Company had

outstanding forward exchange contracts at

June 30, 2019.

Other Derivative Instruments

The Company does

not

utilize commodity price hedges to manage commodity price risk exposure. Likewise, the Company does

not

hedge the translation exposure represented by the net assets of its foreign subsidiaries.

Fair Value of Derivative Instruments

The Company's interest rate swaps and foreign currency forward contracts are recorded at fair value on the consolidated balance sheets using a discounted cash flow analysis that incorporates observable market inputs. These market inputs include foreign currency spot and forward rates, and various interest rate curves, and are obtained from pricing data quoted by various banks,

third

-party sources and foreign currency dealers involving identical or comparable instruments (Level

Counterparties to these foreign currency forward contracts have at least an investment grade rating. Credit ratings on some of the Company's counterparties

may

change during the term of the financial instruments. The Company closely monitors its counterparties' credit ratings and, if necessary, will make any appropriate changes to its financial instruments. The fair value generally reflects the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date.

The fair value of derivative instruments included in the consolidated balance sheets at

June 30

were as follows:

	Balance Sheet Location	2020		2019
Derivatives designated as hedges:
Interest rate swaps	Accrued liabilities	$	392	$	122
Interest rate swaps	Other long-term liabilities		1,052		544

The impact of the Company's derivative instruments on the consolidated statement of operations and comprehensive (loss) income for the years ended

June 30

was as follows:

	Statement of Comprehensive (Loss)
	Income Location	2020			2019
Derivatives designated as hedges:
Interest rate swaps	Interest expense	$	171		$	1
Interest rate swaps	Unrealized loss on cash flow hedge		(595	)		(509	)

Derivatives not designated as hedges:
Foreign currency forward contracts	Other income (expense), net	$	(9	)	$	4

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

WIN DISC, INCORPORATED AND SUBSIDIARIES

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

or the years ended

June 30,

and

(

n thousands)

	Balance at		Charged to					Balance at
	Beginning		Costs and					End of
Description	of Period		Expenses		Deductions (1)			Period

2020:
Allowance for losses on accounts receivable	$	1,582	$	399	$	241		$	1,740

Reserve for inventory obsolescence	$	10,463	$	1,532	$	2,132		$	9,863

2019:
Allowance for losses on accounts receivable	$	1,478	$	236	$	132		$	1,582

Reserve for inventory obsolescence	$	8,427	$	1,934	$	(102	)	$	10,463

(

) Activity primarily represents amounts written-off during the year, along with other adjustments (primarily foreign currency translation adjustments).

Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Consolidation Principles

--The consolidated financial statements include the accounts of Twin Disc, Incorporated and its wholly-owned domestic and foreign subsidiaries. In fiscal

2020,

certain subsidiaries changed their reporting periods to conform to the Company's fiscal year end. The impact of aligning to the corporate reporting period is

not

material to the consolidated results. All significant intercompany transactions have been eliminated.

Use of Estimates, Policy [Policy Text Block]

Management Estimates--

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Translation of Foreign Currencies

$570

) and (

$681

) in fiscal

2020

and

2019,

respectively.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash

--The Company considers all highly liquid investments with original maturities of

three

not

yet presented for payment, exceed the balance on hand at the specific bank against which they were written, the amount of those un-presented checks is included in accounts payable.

Receivable [Policy Text Block]

Accounts

Receivable

--These represent trade accounts receivable and are stated net of an allowance for doubtful accounts of

$1,740

and

$1,582

June 30, 2020

and

2019,

may

cause higher levels of customer defaults and bad debt expense in future periods.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

If measured at fair value, cash would be classified as Level

and all other items listed above would be classified as Level

June 30, 2020.

The Company's term loan borrowing, which is LIBOR-based, approximates fair value at

June 30, 2020.

If measured at fair value in the financial statements, long-term debt (including any current portion) would be classified as Level

in the fair value hierarchy.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

Inventory, Policy [Policy Text Block]

Inventories

--Inventories are valued at the lower of cost or net realizable value. Cost has been determined by the last-in,

first

-out (LIFO) method for the majority of inventories located in the United States, and by the

first

-in,

first

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment and Depreciation

years, and the lives assigned to machinery and equipment range from

not

removed from the accounts until physically disposed.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-lived Assets

--The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets

may

not

may

be used to determine the fair value, including

third

party valuations when necessary.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill and Other Intangibles

--Goodwill and other indefinite-lived intangible assets, primarily tradenames, are tested for impairment at least annually during the Company's

fourth

fiscal quarter and more frequently if an event occurs which indicates the asset

may

be impaired. If applicable, goodwill and other indefinite-lived intangible assets

not

subject to amortization have been assigned to reporting units for purposes of impairment testing based upon the relative fair value of the asset to each reporting unit.

A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators

may

Goodwill impairment charges are recorded using a simplified

one

The Company reviews goodwill for impairment on a reporting unit basis annually as of the

first

day of the Company's

fourth

fiscal quarter, and whenever events or changes in circumstances (“triggering events”) indicate that the carrying value of goodwill

may

not

be recoverable.

The Company conducted interim qualitative assessments throughout the year. In the

third

quarter of fiscal

2020,

the Company believed that the economic disruptions and unprecedented market volatilities and uncertainties resulting from the COVID-

outbreak was a triggering event for the reporting units which contained goodwill. Consequently, it performed an interim goodwill impairment test as of

March 27, 2020

$25,380,

which fully removed goodwill from its balance sheet. See Note E, Goodwill and Other Intangibles, for additional information.

not

own the asset; and a discount rate. Long-lived assets, including intangible assets, are assessed for impairment qualitatively on a quarterly basis. In the

third

quarter of fiscal

2020,

upon management's determination that adverse macroeconomic developments as a result of the COVID-

outbreak has given rise to a triggering event for all of the Company's assets groups, the Company performed a Step

assessment, or a recoverability test of its intangibles and other long-lived assets using an undiscounted operating cash flow analysis as of

March 27, 2020,

as well as the review of other assets in service and their remaining useful lives. As a result of that assessment, the Company recorded an impairment charge of

$2,223.

See Note E, Goodwill and Other Intangibles, for more information. For the

fourth

quarter of fiscal

2020,

the Company performed a qualitative assessment and concluded that an impairment test was

not

necessary.

Any cost incurred to extend or renew the term of an indefinite lived intangible asset are expensed as incurred.

Income Tax, Policy [Policy Text Block]

Income

Taxes

not

that the Company will

not

realize the benefit of such assets. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than

not

to be sustained upon examination by the taxing authority.

Revenue [Policy Text Block]

Revenue Recognition

--Revenue from contracts with customers is recognized using a

five

-step model consisting of the following: (

) identify the contract with a customer; (

) identify the performance obligations in the contract; (

) determine the transaction price; (

) allocate the transaction price to the performance obligations in the contract; and (

not

probable, consideration received is

not

recognized as revenue unless the consideration is nonrefundable and the Company

longer has an obligation to transfer additional goods or services to the customer or collectability becomes probable.

Goods sold to

third

party distributors are subject to an annual return policy, for which a provision is made at the time of shipment based upon historical experience.

Shipping and Handling, Fees and Costs [Policy Text Block]

Shipping and Handling Fees and Costs

--The Company records revenue from shipping and handling costs in net sales. The cost associated with shipping and handling of products is reflected in cost of goods sold.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Standards

June 2018,

the FASB issued guidance (ASU

2018

July 1, 2019.

The adoption of this guidance did

not

have a material impact on the Company's financial statements and disclosures.

New Accounting Releases

June 2016,

the FASB issued updated guidance (ASU

2016

) and also issued subsequent amendments to the initial guidance under ASU

2018

19,

ASU

2019

and ASU

2019

(collectively Topic

326

). Topic

326

December 15, 2019 (

the Company's fiscal

2021

), with early adoption permitted for certain amendments. Topic

326

must be adopted by applying a cumulative effect adjustment to retained earnings. The Company does

not

expect adoption of the new guidance to have a significant impact on its financial statements.

August 2018,

the FASB issued updated guidance (ASU

2018

820,

Fair Value Measurement. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2019 (

the Company's fiscal

2021

), with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on the Company's disclosures.

August 2018,

the FASB issued updated guidance (ASU

2018

December 15, 2020 (

the Company's fiscal

2021

), with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on the Company's disclosures.

December 2019,

the FASB issued guidance (ASU

2019

) intended to simplify the accounting for income taxes. The amendments in this guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2020 (

the Company's fiscal

2022

), with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on the Company's disclosures.

March 2020,

the FASB issued guidance (ASU

2020

March 12, 2020,

and the Company

may

elect to apply the amendments prospectively through

December 31, 2022.

The Company is currently evaluating the potential impact of this guidance on the Company's financial statements and disclosures.

Note B - Acquisition of Veth Propulsion Holding BV (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Business Acquisitions by Acquisition, Consideration Transferred [Table Text Block]

Cash, paid at closing and after agreed-upon working capital adjustments	$	59,407
Fair value of contingent consideration at acquisition date		2,921
Total	$	62,328

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash, including restricted cash	$	1,078
Accounts receivable and other current assets		10,437
Inventories		26,862
Property, plant and equipment		2,661
Intangibles (a)		26,500
Accounts payable and accrued liabilities		(21,208	)
Deferred tax liability		(8,001	)
Total net assets acquired		38,329
Goodwill (b)		23,999
Total consideration	$	62,328

Note C - Inventories (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	2020		2019
Finished parts	$	62,394	$	57,682
Work in process		17,844		23,812
Raw materials		40,369		44,399
	$	120,607	$	125,893

Note D - Property, Plant and Equipment (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	2020			2019
Land	$	6,589		$	6,479
Buildings		48,168			47,627
Machinery and equipment		164,039			158,183
		218,796			212,289
Less: accumulated depreciation		(146,064	)		(141,031	)
	$	72,732		$	71,258

Note E - Goodwill and Other Intangibles (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Goodwill [Table Text Block]

	Net Book Value Rollforward									Net Book Value By Reporting Unit
	Gross Carrying Amount			Accumulated Impairment			Net Book Value			European Propulsion			European Industrial
Balance at June 30, 2018	$	16,514		$	(13,822	)	$	2,692		$	-		$	2,692
Acquisition		23,999			-			23,999			23,999			-
Translation adjustment		(737	)		-			(737	)		(628	)		(109	)
Balance at June 30, 2019		39,776			(13,822	)		25,954			23,371			2,583
Impairment		-			(25,380	)		(25,380	)		(22,822	)		(2,558	)
Translation adjustment		(574	)		-			(574	)		(549	)		(25	)
Balance at June 30, 2020	$	39,202		$	(39,202	)	$	-		$	-		$	-

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

	Net Book Value Rollforward									Net Book Value By Asset Type
	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
Balance at June 30, 2018	$	13,485		$	(11,781	)	$	1,704		$	-		$	-		$	1,288		$	416
Addition		236			-			236			-			-			-			236
Acquistion		26,500			-			26,500			16,300			8,400			1,800			-
Amortization		-			(2,653	)		(2,653	)		(1,123	)		(1,172	)		(261	)		(97	)
Translation adjustment		(634	)		-			(634	)		(334	)		(203	)		(94	)		(3	)
Balance at June 30, 2019		39,587			(14,434	)		25,153			14,843			7,025			2,733			552
Addition		92			-			92			-			-			-			92
Amortization		-			(4,532	)		(4,532	)		(3,003	)		(1,139	)		(232	)		(158	)
Impairment		-			(1,306	)		(1,306	)		-			-			(1,080	)		(226	)
Translation adjustment		(434	)		-			(434	)		(286	)		(102	)		(33	)		(13	)
Balance at June 30, 2020	$	39,245		$	(20,272	)	$	18,973		$	11,554		$	5,784		$	1,388		$	247

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Fiscal Year
2021	$	3,173
2022		2,989
2023		2,827
2024		2,679
2025		2,495
Thereafter		4,810

Note F - Accrued Liabilities (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	2020		2019
Customer deposits	$	11,541	$	14,924
Salaries and wages		5,116		6,982
Distributor rebates		3,769		2,943
Retirement benefits		3,559		2,730
Warranty		3,520		3,034
Other		8,875		11,033
	$	36,380	$	41,646

Note G - Warranty (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	2020			2019

Reserve balance, July 1	$	3,736		$	4,407
Current period expense and adjustments		10,369			3,323
Payments or credits to customers		(9,629	)		(3,953	)
Translation adjustment		(16	)		(41	)
Reserve balance, June 30	$	4,460			3,736

Note H - Debt (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Debt [Table Text Block]

	2020			2019
Credit Agreement Debt
Revolving loans (expire June 2023)	$	16,641		$	22,666
Term loan (due March 2026)		17,500			19,500
PPP loan		8,200			-
Other		246			325
Subtotal		42,587			42,491
Less: current maturities		(4,691	)		(2,000	)
Total long-term debt	$	37,896			40,491

Schedule of Maturities of Long-term Debt [Table Text Block]

Fiscal Year
2021	$	4,691
2022		6,672
2023		18,684
2024		2,016
2025		2,000
Thereafter		8,524
	$	42,587

Note I - Lease Obligations (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Lease, Cost [Table Text Block]

	2020			2019
Finance lease cost:
Amortization of right-of-use assets	$	188		$	27
Interest on lease liabilities		56			8
Operating lease cost		3,137			3,348
Short-term lease cost		64			40
Variable lease cost		58			37
Total lease cost		3,503			3,460
Less: Sublease income		(212	)		(222	)
Net lease cost	$	3,291		$	3,238

Operating and Finance Leases, Other Disclosures [Table Text Block]

	2020			2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,141		$	3,338
Operating cash flows from finance leases		167			18
Financing cash flows from finance leases		56			9
Right-of-use-assets obtained in exchange for lease obligations:
Operating leases		2,757			13,875
Finance leases		592			553
Weighted average remaining lease term (years):
Operating leases		10.7			11.1
Finance lease		4.0			4.8
Weighted average discount rate:
Operating leases		7.4	%		7.7	%
Finance leases		6.2	%		7.3	%

Schedule of Future Minimum Rental Payments for Operating Leases and Finance Lease, Liability, Maturity [Table Text Block]

	Operating Leases			Finance Leases
2021	$	2,724		$	284
2022		2,233			284
2023		1,988			275
2024		1,793			234
2025		1,567			31
Thereafter		10,930			-
Total future lease payments		21,235			1,108
Less: Amount representing interest		(6,773	)		(118	)
Present value of future payments	$	14,462		$	990

Assets and Liabilities, Lessee [Table Text Block]

	Balance Sheet Location	2020		2019
Lease Assets
Operating lease right-of-use assets	Property, plant and equipment, net	$	14,448	$	14,138
Finance lease right-of-use assets	Property, plant and equipment, net		959		545

Lease Liabilities
Operating lease liabilities	Accrued liabilities	$	1,724	$	1,933
Operating lease liabilities	Lease obligations		12,738		12,197
Finance lease liabilities	Accrued liabilities		233		104
Finance lease liabilities	Lease obligations		757		449

Note J - Shareholders' Equity (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	2020			2019
Translation adjustments	$	3,454		$	4,439
Net loss on cash flow hedge derivatives, net of income taxes of $341 and $156, respectively		(1,104	)		(509	)
Benefit plan adjustments, net of income taxes of $13,316 and $12,707 respectively		(43,576	)		(41,901	)
Accumulated other comprehensive loss	$	(41,226	)	$	(37,971	)

Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [Table Text Block]

	Translation			Benefit Plan			Cash Flow
	Adjustment			Adjustment			Hedges
Balance at June 30, 2019	$	4,439		$	(41,901	)	$	(509	)
Other comprehensive loss before reclassifications		(985	)		(3,792	)		(595	)
Amounts reclassified from accumulated other comprehensive loss		-			2,117			-
Net current period other comprehensive loss		(985	)		(1,675	)		(595	)
Balance at June 30, 2020	$	3,454		$	(43,576	)	$	(1,104	)

	Translation			Benefit Plan			Cash Flow
	Adjustment			Adjustment			Hedges
Balance at June 30, 2018	$	7,085		$	(30,877	)	$	-
Other comprehensive loss before reclassifications		(2,646	)		(6,068	)		(509	)
Release stranded tax effects		-			(6,903	)		-
Amounts reclassified from accumulated other comprehensive loss		-			1,947			-
Net current period other comprehensive loss		(2,646	)		(11,024	)		(509	)
Balance at June 30, 2019	$	4,439		$	(41,901	)	$	(509	)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(2,982	)
Transition asset and prior service benefit		195
Total before tax benefit		(2,787	)
Tax benefit		670
Total reclassification net of tax	$	(2,117	)

	Amount
	Reclassified
Amortization of benefit plan items
Actuarial losses	$	(2,710	)
Transition asset and prior service benefit		176
Total before tax benefit		(2,534	)
Tax benefit		587
Total reclassification net of tax	$	(1,947	)

Note K - Business Segments and Foreign Operations (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Revenue from External Customers by Products and Services [Table Text Block]

	2020		2019
Industrial	$	26,343	$	34,042
Land-based transmissions		62,697		112,793
Marine and propulsion systems		152,501		150,237
Other		5,297		5,591
Total	$	246,838	$	302,663

	Manufacturing		Distribution		Elimination of Intercompany Sales			Total
Industrial	$	24,143	$	5,634	$	(3,434	)	$	26,343
Land-based transmissions		63,523		25,699		(26,525	)		62,697
Marine and propulsion systems		139,833		59,212		(46,544	)		152,501
Other		66		5,279		(48	)		5,297
Total	$	227,565	$	95,824	$	(76,551	)	$	246,838

	Manufacturing		Distribution		Elimination of Intercompany Sales			Total
Industrial	$	30,393	$	8,079	$	(4,430	)	$	34,042
Land-based transmissions		111,260		30,483		(28,950	)		112,793
Marine and propulsion systems		138,704		62,329		(50,796	)		150,237
Other		71		5,590		(70	)		5,591
Total	$	280,428	$	106,481	$	(84,246	)	$	302,663

Schedule of Segment Reporting Information, by Segment [Table Text Block]

2020	Manufacturing			Distribution		Total
Net Sales	$	227,565		$	95,824	$	323,389
Intra-segment sales		14,230			12,889		27,119
Inter-segment sales		43,854			5,578		49,432
Interest income		346			22		368
Interest expense		2,128			-		2,128
Income taxes		(2,027	)		268		(1,759	)
Depreciation and amortization		11,151			379		11,530
Net (loss) income attributable to Twin Disc		(31,603	)		553		(31,050	)
Assets		365,417			43,118		408,535
Expenditures for segment assets		9,615			734		10,349

2019	Manufacturing		Distribution			Total
Net Sales	$	280,428	$	106,481		$	386,909
Intra-segment sales		20,384		14,026			34,410
Inter-segment sales		46,078		3,758			49,836
Interest income		1,154		26			1,180
Interest expense		3,086		(37	)		3,049
Income taxes		7,939		353			8,292
Depreciation and amortization		12,893		402			13,295
Net income attributable to Twin Disc		25,062		248			25,310
Assets		384,612		46,076			430,688
Expenditures for segment assets		10,725		663			11,388

Reconciliation of Revenue and Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

	2020			2019
Net sales:
Total net sales from reportable segments	$	323,389		$	386,909
Elimination of inter-company sales		(76,551	)		(84,246	)
Total consolidated net sales	$	246,838		$	302,663

Net (loss) income attributable to Twin Disc:
Total net (loss) income from reportable segments	$	(31,050	)	$	25,310
Other adjustments and corporate expenses		(8,767	)		(14,637	)
Total consolidated net (loss) income attributable to Twin Disc	$	(39,817	)	$	10,673

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]

	Segment						Consolidated
	Totals			Adjustments			Totals
2020
Interest income	$	368		$	(290	)	$	78
Interest expense		2,128			(268	)		1,860
Income taxes		(1,759	)		(2,410	)		(4,169	)
Depreciation and amortization		11,530			395			11,925
Assets		408,535			(114,408	)		294,127
Expenditures for segment assets		10,349			350			10,699

2019
Interest income	$	1,180		$	(1,137	)	$	43
Interest expense		3,049			(1,122	)		1,927
Income taxes		8,292			(4,581	)		3,711
Depreciation and amortization		13,295			317			13,612
Assets		430,688			(83,818	)		346,870
Expenditures for segment assets		11,388			591			11,979

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	2020		2019
Net sales
United States	$	83,771	$	132,467
Netherlands		39,501		31,521
China		26,354		28,772
Austria		12,552		10,464
Australia		12,438		12,463
Italy		11,802		12,755
Canada		5,664		10,875
Other countries		54,756		63,346
Total	$	246,838	$	302,663

	2020		2019
Long-lived assets
United States	$	41,996	$	41,233
Netherlands		12,659		13,186
Belgium		8,363		8,595
Switzerland		6,804		6,810
Italy		1,697		1,894
Other countries		5,205		3,298
Total	$	76,724	$	75,016

Note L - Stock-based Compensation (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule Of Share-based Compensation Shares Available For Future Options [Table Text Block]

	2020		2019
2018 LTI Plan		492,591		742,325
2010 Directors' Plan		12,865		61,354

Note N - Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Net Funded Status [Table Text Block]

							Other
	Pension						Postretirement
	Benefits						Benefits
	2020			2019			2020			2019
Change in benefit obligation:
Benefit obligation, beginning of year	$	107,322		$	105,012		$	7,451		$	8,077
Service cost		653			795			17			19
Interest cost		3,305			4,020			219			305
Actuarial loss		3,161			6,718			211			18
Contributions by plan participants		93			103			352			389
Benefits paid		(9,014	)		(9,326	)		(1,191	)		(1,357	)
Benefit obligation, end of year	$	105,520		$	107,322		$	7,059		$	7,451

Change in plan assets:
Fair value of assets, beginning of year	$	87,291		$	90,258		$	-		$	-
Actual return on plan assets		3,541			4,125			-			-
Employer contribution		1,373			2,131			839			968
Contributions by plan participants		93			103			352			389
Benefits paid		(9,014	)		(9,326	)		(1,191	)		(1,357	)
Fair value of assets, end of year	$	83,284		$	87,291		$	-		$	-

Funded status	$	(22,236	)	$	(20,031	)	$	(7,059	)	$	(7,451	)

Amounts recognized in the balance sheet consist of:
Other assets - noncurrent	$	-		$	3		$	-		$	-
Accrued liabilities - current		(276	)		(645	)		(1,081	)		(962	)
Accrued retirement benefits - noncurrent		(21,960	)		(19,389	)		(5,978	)		(6,489	)
Net amount recognized	$	(22,236	)	$	(20,031	)	$	(7,059	)	$	(7,451	)

Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
Net transition obligation	$	158		$	178		$	-		$	-
Prior service cost		104			144			(697	)		(908	)
Actuarial net loss		43,548			42,185			463			302
Net amount recognized	$	43,810		$	42,507		$	(234	)	$	(606	)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

			Other
	Pension		Postretirement
	Benefits		Benefits
Net transition obligation	$	35	$	-
Prior service cost		45		(275	)
Actuarial net loss		3,246		-
Net amount to be recognized	$	3,326		(275	)

Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]

	June 30
	2020		2019
Projected and accumulated benefit obligation	$	105,520	$	102,879
Fair value of plan assets		83,284		82,845

Schedule of Net Benefit Costs [Table Text Block]

	Pension Benefits
	2020			2019
Service cost	$	648		$	792
Interest cost		3,304			4,019
Expected return on plan assets		(4,894	)		(5,238	)
Amortization of transition obligation		35			34
Amortization of prior service cost		45			64
Amortization of actuarial net loss		2,982			2,710
Net periodic benefit cost	$	2,120			2,381

	Other Postretirement Benefits
	2020			2019
Service cost	$	17		$	18
Interest cost		219			304
Amortization of prior service cost		(274	)		(274	)
Net periodic benefit cost	$	(38	)	$	48

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

				Other
				Postretirement
	Pension			Benefits
Net loss	$	4,770		$	211
Amortization of transition asset		(35	)		-
Amortization of prior service (cost) benefit		(45	)		275
Amortization of net (loss) gain		(2,978	)		-
Total recognized in other comprehensive income		1,712			486
Net periodic benefit cost		2,120			(38	)
Total recognized in net periodic benefit cost and other comprehensive income	$	3,832		$	448

				Other
				Postretirement
	Pension			Benefits
Net loss	$	8,098		$	18
Prior service cost		(211	)		-
Amortization of transition asset		(34	)		-
Amortization of prior service (cost) benefit		(64	)		275
Amortization of net (loss) gain		(2,711	)		-
Total recognized in other comprehensive income		5,078			293
Net periodic benefit cost		2,381			48
Total recognized in net periodic benefit cost and other comprehensive income	$	7,459		$	341

Defined Benefit Plan, Assumptions [Table Text Block]

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine benefit obligations at June 30
	2020			2019			2020			2019
Discount rate		2.49	%		3.22	%		2.37	%		3.15	%
Expected return on plan assets		5.89	%		6.04	%

							Other
	Pension Benefits						Postretirement Benefits
Weighted average assumptions used to determine net periodic benefit costs for years ended June 30
	2020			2019			2020			2019
Discount rate		3.22	%		4.01	%		3.15	%		4.09	%
Expected return on plan assets		6.04	%		6.74	%

Schedule of Plan Weighted Average Assets Allocations [Table Text Block]

	Target			June 30
Asset Category	Allocation			2020			2019
Equity securities		51	%		47	%		49	%
Debt securities		40	%		44	%		42	%
Real estate		9	%		9	%		9	%
		100	%		100	%		100	%

Schedule of Allocation of Plan Assets [Table Text Block]

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	920	$	920	$	-	$	-
Equity securities:
Company common stock (a)		544		544		-		-
Common stock (a)		14,551		14,551		-		-
Mutual funds (b)		7,916		7,916		-		-
Annuity contracts (c)		6,095		-		-		6,095
Total	$	30,026	$	23,931	$	-	$	6,095
Investments Measured at Net Asset Value (d)		53,258
Total	$	83,284

	Total		Level I		Level II		Level III
Cash and cash equivalents	$	971	$	971	$	-	$	-
Equity securities:
Company common stock (a)		1,483		1,483		-		-
Common stock (a)		16,713		16,713		-		-
Mutual funds (b)		7,963		7,963		-		-
Annuity contracts (c)		6,171		-		-		6,171
Total	$	33,301	$	27,130	$	-	$	6,171
Investments Measured at Net Asset Value (d)		53,990
Total	$	87,291

	2020		2019
Fixed income funds	$	33,032	$	33,568
International equity securities		2,840		3,168
Real estate		7,186		7,069
Hedged equity mutual funds		10,200		10,185
Total	$	53,258	$	53,990

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

	2020			2019
Beginning balance	$	6,171		$	6,113
Actual return on plan assets:
Relating to assets still held at reporting date		75			216
Purchases, sales and settlements, net		(151	)		(158	)
Ending balance	$	6,095		$	6,171

Schedule of Expected Benefit Payments [Table Text Block]

			Other
	Pension		Postretirement
	Benefits		Benefits

2021	$	8,944	$	1,094
2022		8,230		843
2023		7,936		769
2024		7,547		693
2025		7,197		608
Years 2026 - 2030		32,605		2,273

Note O - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	2020			2019
United States	$	(29,332	)	$	7,059
Foreign		(14,408	)		7,448
	$	(43,740	)	$	14,507

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2020			2019
Currently payable:
Federal	$	(149	)	$	248
State		30			261
Foreign		4,022			(3,644	)
		3,903			(3,135	)
Deferred:
Federal		(5,673	)		920
State		(860	)		(7	)
Foreign		(1,539	)		5,933
		(8,072	)		6,846
	$	(4,169	)	$	3,711

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2020		2019
Deferred tax assets:
Retirement plans and employee benefits	$	7,934	$	7,732
Foreign tax credit carryforwards		7,429		6,296
Federal tax credits		1,585		1,057
State net operating loss and other state credit carryforwards		1,696		1,269
Federal net operating loss		1,607		-
Inventory		205		757
Reserves		1,056		765
Foreign NOL carryforwards		555		775
Accruals		823		339
Right of use assets - operating leases		3,920		3,691
Disallowed interest		418		-
Disallowed PPP expenses		1,320		-
Other assets		832		656
		29,380		23,337
Deferred tax liabilities:
Property, plant and equipment		3,231		3,432
Intangibles		3,306		5,345
Long term operating lease obligations		3,855		3,617
Other liabilities		44		194
		10,436		12,588
Valuation allowance		-		-
Total net deferred tax assets	$	18,944	$	10,749

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2020			2019

U.S. federal income tax at 21%	$	(9,185	)	$	3,046
Increases (reductions) in tax resulting from:
Foreign tax items		236			281
State taxes		(716	)		209
Change in prior year estimate		(213	)		(50	)
Research and development tax credits		(412	)		(306	)
Goodwill impairment		4,814			-
Unrecognized tax benefits		9			158
Stock compensation		(93	)		(153	)
Rate changes		237			15
Deferred tax basis adjustments		(138	)		(111	)
Executive compensation		-			291
GILTI inclusion		1,220			284
FDII deduction		-			(74	)
Other, net		72			121
	$	(4,169	)	$	3,711

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2020			2019
Unrecognized tax benefits, beginning of year	$	938		$	816
Additions based on tax positions related to the prior year		17			31
Additions based on tax positions related to the current year		87			91
Reductions based on tax positions related to the prior year		(19	)		-
Subtractions due to statutes closing		(105	)		-
Unrecognized tax benefits, end of year	$	918		$	938

Note Q - Restructuring of Operations and Other Operating Income (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Restructuring and Related Costs [Table Text Block]

Accrued restructuring liability, June 30, 2018	$	90
Additions		1,179
Payments and adjustments		(1,269	)
Accrued restructuring liability, June 30, 2019		-
Additions		5,138
Payments and adjustments		(5,054	)
Accrued restructuring liability, June 30, 2020	$	84

Note R - Earnings Per Share (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	2020			2019
Basic:
Net (loss) income	$	(39,571	)	$	10,796
Less: Net earnings attributable to noncontrolling interest		(246	)		(123	)
Less: Undistributed earnings attributable to unvested shares		-			(148	)
Net (loss) income available to Twin Disc shareholders		(39,817	)		10,525

Weighted average shares outstanding - basic		13,153			12,571

Basic (Loss) Income Per Share:
Net (loss) income per share - basic	$	(3.03	)	$	0.84

Diluted:
Net (loss) income	$	(39,571	)	$	10,796
Less: Net earnings attributable to noncontrolling interest		(246	)		(123	)
Less: Undistributed earnings attributable to unvested shares		-			(148	)
Net (loss) income available to Twin Disc shareholders		(39,817	)		10,525

Weighted average shares outstanding - basic		13,153			12,571
Effect of dilutive stock awards		-			111
Weighted average shares outstanding - diluted		13,153			12,682

Diluted (Loss) Income Per Share:
Net (loss) income per share - diluted	$	(3.03	)	$	0.83

Note S - Derivative Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	Balance Sheet Location	2020		2019
Derivatives designated as hedges:
Interest rate swaps	Accrued liabilities	$	392	$	122
Interest rate swaps	Other long-term liabilities		1,052		544

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

	Statement of Comprehensive (Loss)
	Income Location	2020			2019
Derivatives designated as hedges:
Interest rate swaps	Interest expense	$	171		$	1
Interest rate swaps	Unrealized loss on cash flow hedge		(595	)		(509	)

Derivatives not designated as hedges:
Foreign currency forward contracts	Other income (expense), net	$	(9	)	$	4

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Jun. 30, 2020

Notes Tables

Valuation Allowances and Reserves [Table Text Block]

	Balance at		Charged to					Balance at
	Beginning		Costs and					End of
Description	of Period		Expenses		Deductions (1)			Period

2020:
Allowance for losses on accounts receivable	$	1,582	$	399	$	241		$	1,740

Reserve for inventory obsolescence	$	10,463	$	1,532	$	2,132		$	9,863

2019:
Allowance for losses on accounts receivable	$	1,478	$	236	$	132		$	1,582

Reserve for inventory obsolescence	$	8,427	$	1,934	$	(102	)	$	10,463

Note A - Basis of Presentation and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 27, 2020	Jun. 30, 2020	Jun. 30, 2019
Foreign Currency Transaction Gain (Loss), before Tax, Total		$ (570)	$ (681)
Accounts Receivable, Allowance for Credit Loss, Ending Balance		1,740	$ 1,582
Goodwill, Impairment Loss	$ 25,380	25,380
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 2,223
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		10 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		40 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		15 years

Note B - Acquisition of Veth Propulsion Holding BV (Details Textual) - USD ($) $ in Thousands			10 Months Ended	12 Months Ended
	May 13, 2019	Jul. 02, 2018	May 13, 2019	Jun. 30, 2020
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)				8 years
Veth Propulsion [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Payments to Acquire Businesses, Gross		$ 58,862	$ 59,407
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 1,991
Stock Issued During Period, Shares, Acquisitions (in shares)	139,347
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred			2,921
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 3,300		$ 3,300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)	9 years
Veth Propulsion [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	12 years
Veth Propulsion [Member] \| Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	7 years
Veth Propulsion [Member] \| Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	10 years

Note B - Acquisition of Veth Propulsion Holding BV - Consideration Transferred (Details) - Veth Propulsion [Member] - USD ($) $ in Thousands		10 Months Ended
	Jul. 02, 2018	May 13, 2019
Cash, paid at closing and after agreed-upon working capital adjustments	$ 58,862	$ 59,407
Fair value of contingent consideration at acquisition date		2,921
Total		$ 62,328

Note B - Acquisition of Veth Propulsion Holding BV - Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Jun. 30, 2019

Jul. 02, 2018

Jun. 30, 2018

Goodwill (b)

$ 0

$ 25,954

$ 2,692

Veth Propulsion [Member]

Cash, including restricted cash

$ 1,078

Accounts receivable and other current assets

10,437

Inventories

26,862

Property, plant and equipment

2,661

Intangibles (a)

^[1]

26,500

Accounts payable and accrued liabilities

(21,208)

Deferred tax liability

(8,001)

Total net assets acquired

38,329

Goodwill (b)

^[2]

23,999

Total consideration

$ 62,328

[1]	Intangibles consist of customer relationships, technology and know-how and tradenames, with estimated useful lives 12 years, 7 years, and 10 years, respectively, and weighted average remaining useful life of approximately 9 years. The amounts acquired are presented in Note E, Goodwill and Other Intangibles.
[2]	The Company is not able to deduct any of the goodwill for tax purposes.

Note C - Inventories (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Percentage of LIFO Inventory	50.00%	52.00%
Excess of Replacement or Current Costs over Stated LIFO Value	$ 27,225	$ 25,709
Inventory Valuation Reserves, Ending Balance	$ 9,863	$ 10,463

Note C - Inventories - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Finished parts	$ 62,394	$ 57,682
Work in process	17,844	23,812
Raw materials	40,369	44,399
Total inventories	$ 120,607	$ 125,893

Note D - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Depreciation, Total	$ 7,394	$ 6,682

Note D - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Land	$ 6,589	$ 6,479
Buildings	48,168	47,627
Machinery and equipment	164,039	158,183
Property, plant and Equipment, Gross	218,796	212,289
Less: accumulated depreciation	(146,064)	(141,031)
Property, plant and Equipment, Net	$ 72,732	$ 71,258

Note E - Goodwill and Other Intangibles (Details Textual)
$ in Thousands

9 Months Ended

12 Months Ended

May 13, 2019

Mar. 27, 2020

USD ($)

Jun. 30, 2020

USD ($)

Jun. 30, 2019

USD ($)

Jul. 02, 2018

USD ($)

Jun. 30, 2018

USD ($)

Goodwill, Ending Balance

$ 0

$ 25,954

$ 2,692

Goodwill, Impairment Loss

$ 25,380

25,380

Impairment of Intangible Assets, Finite-lived

2,223

Goodwill and Intangible Asset Impairment, Total

27,603

Effective Income Tax Rate Reconciliation, Nondeductible Expense, Goodwill and Other Impairment Charge, Amount

$ 1,199

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)

8 years

Amortization of Intangible Assets, Total

$ 4,532

2,653

Measurement Input, Discount Rate [Member]

Goodwill, Impairment, Weighted Average Discount Rate

0.13

European Propulsion [Member]

Goodwill, Ending Balance

$ 23,371

Goodwill, Impairment Loss

22,822

European Industrial Reporting Unit [Member]

Goodwill, Impairment Loss

$ 2,558

Veth Propulsion [Member]

Goodwill, Ending Balance

^[1]

$ 23,999

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

^[2]

$ 26,500

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)

9 years

[1]	The Company is not able to deduct any of the goodwill for tax purposes.
[2]	Intangibles consist of customer relationships, technology and know-how and tradenames, with estimated useful lives 12 years, 7 years, and 10 years, respectively, and weighted average remaining useful life of approximately 9 years. The amounts acquired are presented in Note E, Goodwill and Other Intangibles.

Note E - Goodwill and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 27, 2020	Jun. 30, 2020	Jun. 30, 2019
Balance, goodwill gross carrying amount	$ 39,776	$ 39,776	$ 16,514
Balance, goodwill accumulated impairment		(39,202)	(13,822)
Balance, goodwill net book value	25,954	25,954	2,692
Acquisition, goodwill gross carrying amount			23,999
Translation adjustment, goodwill gross carrying amount		(574)	(737)
Translation adjustment, goodwill net book value		(574)	(737)
Impairment, goodwill accumulated impairment	(25,380)	(25,380)
Balance, goodwill gross carrying amount		39,202	39,776
Balance at June 30, 2019		0	25,954
European Propulsion [Member]
Balance, goodwill net book value	23,371	23,371
Acquisition, goodwill gross carrying amount			23,999
Translation adjustment, goodwill gross carrying amount		(549)	(628)
Translation adjustment, goodwill net book value		(549)	(628)
Impairment, goodwill accumulated impairment		(22,822)
Balance at June 30, 2019			23,371
European Industrial [Member]
Balance, goodwill net book value	$ 2,583	2,583	2,692
Acquisition, goodwill gross carrying amount
Translation adjustment, goodwill gross carrying amount		(25)	(109)
Translation adjustment, goodwill net book value		(25)	(109)
Impairment, goodwill accumulated impairment		(2,558)
Balance at June 30, 2019			$ 2,583

Note E - Goodwill and Other Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Balance, Definite Intangible Assets Gross Carrying Amount	$ 39,587	$ 13,485
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(14,434)	(11,781)
Balance at June 30, Definite Intangible Assets Net Book Value	25,153	1,704
Addition, Definite Intangible Assets Gross Carrying Amount	92	236
Addition, Definite Intangible Assets Net Book Value	92	236
Acquistion, Definite Intangible Assets Gross Carrying Amount		26,500
Acquistion, Definite Intangible Assets Net Book Value		26,500
Amortization, Definite Intangible Assets	(4,532)	(2,653)
Amortization, Definite Intangible Assets Net Book Value	(4,532)	(2,653)
Translation adjustment, Definite Intangible Assets Gross Carrying Amount	(434)	(634)
Translation adjustment, Definite Intangible Assets Net Book Value	(434)	(634)
Impairment, Definite Intangible Assets Accumulated Amortization/Impairment	(1,306)
Addition, Definite Intangible Assets Gross Carrying Amount	39,245	39,587
Balance, Definite Intangible Assets Accumulated Amortization/Impairment	(20,272)	(14,434)
Balance at June 30, Definite Intangible Assets Net Book Value	18,973	25,153
Customer Relationships [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	14,843
Addition, Definite Intangible Assets Net Book Value
Acquistion, Definite Intangible Assets Net Book Value		16,300
Amortization, Definite Intangible Assets	(3,003)	(1,123)
Amortization, Definite Intangible Assets Net Book Value	(3,003)	(1,123)
Translation adjustment, Definite Intangible Assets Net Book Value	(286)	(334)
Impairment, Definite Intangible Assets Accumulated Amortization/Impairment
Balance at June 30, Definite Intangible Assets Net Book Value	11,554	14,843
Technology-Based Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	7,025
Addition, Definite Intangible Assets Net Book Value
Acquistion, Definite Intangible Assets Net Book Value		8,400
Amortization, Definite Intangible Assets	(1,139)	(1,172)
Amortization, Definite Intangible Assets Net Book Value	(1,139)	(1,172)
Translation adjustment, Definite Intangible Assets Net Book Value	(102)	(203)
Impairment, Definite Intangible Assets Accumulated Amortization/Impairment
Balance at June 30, Definite Intangible Assets Net Book Value	5,784	7,025
Trade Names [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	2,733	1,288
Addition, Definite Intangible Assets Net Book Value
Acquistion, Definite Intangible Assets Net Book Value		1,800
Amortization, Definite Intangible Assets	(232)	(261)
Amortization, Definite Intangible Assets Net Book Value	(232)	(261)
Translation adjustment, Definite Intangible Assets Net Book Value	(33)	(94)
Impairment, Definite Intangible Assets Accumulated Amortization/Impairment	(1,080)
Balance at June 30, Definite Intangible Assets Net Book Value	1,388	2,733
Other Intangible Assets [Member]
Balance at June 30, Definite Intangible Assets Net Book Value	552	416
Addition, Definite Intangible Assets Net Book Value	92	236
Acquistion, Definite Intangible Assets Net Book Value
Amortization, Definite Intangible Assets	(158)	(97)
Amortization, Definite Intangible Assets Net Book Value	(158)	(97)
Translation adjustment, Definite Intangible Assets Net Book Value	(13)	(3)
Impairment, Definite Intangible Assets Accumulated Amortization/Impairment	(226)
Balance at June 30, Definite Intangible Assets Net Book Value	$ 247	$ 552

Note E - Goodwill and Other Intangibles - Estimated Intangibles Amortization Expense (Details) $ in Thousands	Jun. 30, 2020 USD ($)
2021	$ 3,173
2022	2,989
2023	2,827
2024	2,679
2025	2,495
Thereafter	$ 4,810

Note F - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Customer deposits	$ 11,541	$ 14,924
Salaries and wages	5,116	6,982
Distributor rebates	3,769	2,943
Retirement benefits	3,559	2,730
Warranty	3,520	3,034
Other	8,875	11,033
Total accrued liabilities	$ 36,380	$ 41,646

Note G - Warranty (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties, Total	$ 6,233
Product Warranty Accrual, Current	3,520	$ 3,034
Product Warranty Accrual, Noncurrent	$ 940	$ 702
Minimum [Member]
Warranty Period (Month)	1 year
Maximum [Member]
Warranty Period (Month)	2 years

Note G - Warranty - Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Reserve balance	$ 3,736	$ 4,407
Current period expense and adjustments	10,369	3,323
Payments or credits to customers	(9,629)	(3,953)
Translation adjustment	(16)	(41)
Reserve balance	$ 4,460	$ 3,736

Note H - Debt (Details Textual) $ in Thousands								10 Months Ended	12 Months Ended
Note H - Debt (Details Textual) $ in Thousands	Jul. 22, 2020 USD ($)	Apr. 17, 2020 USD ($)	Jan. 28, 2020 USD ($)	Mar. 04, 2019 USD ($)	Mar. 03, 2019 USD ($)	Sep. 25, 2018 USD ($)	Jul. 02, 2018 USD ($)	May 13, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2021 USD ($)	Mar. 26, 2021 USD ($)	Dec. 25, 2020 USD ($)	Sep. 25, 2020 USD ($)	Mar. 27, 2020	Dec. 27, 2019	Dec. 26, 2019	Jun. 29, 2018 USD ($)
Proceeds from Long-term Lines of Credit									$ 99,262	$ 147,854
Proceeds from Sale Leaseback Agreement										329
Principal Paid on Sale Leaseback Liabilities									$ 74
Minimum [Member]
Sale Leaseback Transactions, Term (Year)									3 years
Sale Leaseback Transactions, Implied Interest Rate									7.00%
Maximum [Member]
Sale Leaseback Transactions, Term (Year)									5 years
Sale Leaseback Transactions, Implied Interest Rate									25.00%
Prior Parent of Veth Propulsion [Member]
Repayments of Debt							$ 1,865
Bank of Montreal [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivative, Notional Amount									$ 17,500
Derivative, Maturity Date									Mar. 04, 2026
Veth Propulsion [Member]
Payments to Acquire Businesses, Gross							58,862	$ 59,407
Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity									$ 943	$ 952
Debt, Weighted Average Interest Rate									5.60%	5.00%
The 2018 Credit Agreement [Member]
Repayments of Debt						$ 32,210
Paycheck Protection Program CARES Act [Member] \| Promissory Note [Member]
Proceeds from Issuance of Long-term Debt, Total		$ 8,200
BMO [Member] \| The 2018 Credit Agreement [Member]
Proceeds from Issuance of Debt							60,729
Debt Instrument, Covenant, Minimum Cumulative EBITDA									$ 1,000
BMO [Member] \| The 2018 Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument, Percentage of Equity Interest in Domestic Subsidiaries Pledged	100.00%
Debt Instrument, Percentage of Equity Interest in Foreign Subsidiaries Pledged	65.00%
Debt Instrument, Debt Default, Percentage of Letter of Credit Obligations Required to Cash Collateralize	105.00%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Forecast [Member]
Debt Instrument, Covenant, Minimum Cumulative EBITDA											$ 10,000	$ 6,000	$ 2,500	$ 1,000
BMO [Member] \| The 2018 Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.25%
BMO [Member] \| The 2018 Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			3.375%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity				$ 20,000
Proceeds from Issuance of Debt				9,151			35,000
Long-term Debt, Gross					$ 10,849
Debt Instrument, Periodic Payment, Total				$ 500
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio				3
Debt Instrument, Covenant, Minimum Tangible Net Worth Plus Half of Net Income				$ 100,000	$ 70,000
Debt Instrument, Interest Rate During Period									3.64%
Debt Instrument, Maturity Date					Jan. 02, 2020
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| Subsequent Event [Member]
Debt Instrument, Principal Payment Deferred	$ 1,000
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| Minimum [Member]
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio					3.5
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| Maximum [Member]
Debt Instrument, Covenant, Funded Debt to EBITDA Ratio					3.25
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				3.00%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate				1.375%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			3.375%	2.375%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member] \| Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	3.875%
BMO [Member] \| The 2018 Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity																		$ 35,000
Line of Credit Facility, Maximum Borrowing Capacity																		$ 50,000
Proceeds from Long-term Lines of Credit							$ 25,729
BMO [Member] \| The 2018 Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 45,000
BMO [Member] \| The 2018 Credit Agreement Amendment [Member]
Debt Instrument, Covenant, Maximum Allowable Extraordinary Expenses			$ 3,900,000
BMO [Member] \| The 2018 Credit Agreement Amendment [Member] \| Revolving Credit Facility [Member]
Debt Instrument, Interest Rate During Period									2.72%
Line of Credit Facility, Current Borrowing Capacity									$ 43,681
Line of Credit Facility, Remaining Borrowing Capacity									$ 27,040
BMO [Member] \| The 2018 Credit Agreement Amendment [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Covenant, Allowable Ratio, Current Quarter									4						5	4	3
BMO [Member] \| The 2018 Credit Agreement Amendment [Member] \| Revolving Credit Facility [Member] \| Maximum [Member] \| Forecast [Member]
Debt Instrument, Covenant, Allowable Ratio, Current Quarter													3	3.5

Note H - Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Long-term debt	$ 42,587	$ 42,491
Less: current maturities	(4,691)	(2,000)
Total long-term debt	37,896	40,491
Revolving Loan [Member]
Long-term debt	16,641	22,666
Term Loan [Member]
Long-term debt	17,500	19,500
Promissory Note [Member] \| Paycheck Protection Program CARES Act [Member]
Long-term debt	8,200
Other Long-Term Debt [Member]
Long-term debt	$ 246	$ 325

Note H - Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
2021	$ 4,691
2022	6,672
2023	18,684
2024	2,016
2025	2,000
Thereafter	8,524
Total	$ 42,587	$ 42,491

Note I - Lease Obligations (Details Textual) - USD ($) $ in Thousands	Jul. 31, 2020	Jun. 30, 2020
Finance Lease, Liability, Total		$ 990
Lease Agreement for Manufacturing, Assembly and Office Facility in Lufkin, Texas [Member] \| Subsequent Event [Member]
Lessee, Finance Lease, Term of Contract (Year)	15 years
Lessee, Finance Lease, Yearly Base Rent	$ 427
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total	4,500
Finance Lease, Liability, Total	4,500
Leasehold Improvements, Gross	$ 1,041

Note I - Lease Obligations - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Amortization of right-of-use assets	$ 188	$ 27
Interest on lease liabilities	56	8
Operating lease cost	3,137	3,348
Short-term lease cost	64	40
Variable lease cost	58	37
Total lease cost	3,503	3,460
Less: Sublease income	(212)	(222)
Net lease cost	$ 3,291	$ 3,238

Note I - Lease Obligations - Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating cash flows from operating leases	$ 3,141	$ 3,338
Operating cash flows from finance leases	167	18
Financing cash flows from finance leases	56	9
Right-of-use-assets obtained in exchange for lease obligations: Operating leases	2,757	13,875
Right-of-use-assets obtained in exchange for lease obligations: Finance leases	$ 592	$ 553
Weighted average remaining lease term (years): Operating leases (Year)	10 years 255 days	11 years 36 days
Weighted average remaining lease term (years): Finance lease (Year)	4 years	4 years 292 days
Weighted average discount rate: Operating leases	7.40%	7.70%
Weighted average discount rate: Finance leases	6.20%	7.30%

Note I - Lease Obligations - Future Minimum Rental Commitments Under Noncancellable Leases (Details) $ in Thousands	Jun. 30, 2020 USD ($)
2021, Operating Leases	$ 2,724
2021, Finance Leases	284
2022, Operating Leases	2,233
2022, Finance Leases	284
2023, Operating Leases	1,988
2023, Finance Leases	275
2024, Operating Leases	1,793
2024, Finance Leases	234
2025, Operating Leases	1,567
2025, Finance Leases	31
Thereafter, Operating Leases	10,930
Thereafter, Finance Leases
Total future lease payments, Operating Leases	21,235
Total future lease payments, Finance Leases	1,108
Less: Amount representing interest, Operating Leases	(6,773)
Less: Amount representing interest, Finance Leases	(118)
Present value of future payments, Operating Leases	14,462
Finance Lease, Liability, Total	$ 990

Note I - Lease Obligations - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Operating lease liabilities	$ 13,495	$ 12,646
Property, Plant and Equipment, Net [Member]
Operating lease right-of-use assets	14,448	14,138
Finance lease right-of-use assets	959	545
Accrued Liabilities [Member]
Operating lease liabilities	1,724	1,933
Finance lease liabilities	233	104
Lease Obligation [Member]
Operating lease liabilities	12,738	12,197
Finance lease liabilities	$ 757	$ 449

Note J - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 25, 2018	Jun. 30, 2020	Jun. 30, 2019
Stock Issued During Period, Shares, New Issues (in shares)	1,533,334
Share Price (in dollars per share)	$ 22.50
Payments of Stock Underwriting Costs	$ 2,070
Payments of Stock Offering Expenses	220
Proceeds from Issuance of Common Stock	$ 32,210		$ 32,210
Common Stock, Shares, Outstanding, Ending Balance (in shares)		13,405,993	13,240,278
Treasury Stock, Shares, Ending Balance (in shares)		1,226,809	1,392,524
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares)		186,226	157,043
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)		20,511	3,784
Treasury Stock, Shares, Acquired (in shares)		0	0
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)		315,000	315,000
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)		$ 0	$ 0
Preferred Stock, Shares Authorized (in shares)		200,000	200,000
Preferred Stock, Shares Issued, Total (in shares)		0	0
Preferred Stock, Capital Shares Reserved for Future Issuance (in shares)		150,000

Note J - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Translation adjustments	$ 3,454	$ 4,439
Net loss on cash flow hedge derivatives, net of income taxes of $341 and $156, respectively	(1,104)	(509)
Benefit plan adjustments, net of income taxes of $13,316 and $12,707 respectively	(43,576)	(41,901)
Accumulated other comprehensive loss	$ (41,226)	$ (37,971)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Note J - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net loss on cash flow hedge derivatives, income taxes	$ 341	$ 156
Tax effect on benefit plan adjustments	$ 13,316	$ 12,707

Note J - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Balance	$ 182,818	$ 143,616
Release stranded tax effects
Balance	139,958	182,818
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	4,439	7,085
Other comprehensive loss before reclassifications	(985)	(2,646)
Amounts reclassified from accumulated other comprehensive loss
Net current period other comprehensive loss	(985)	(2,646)
Release stranded tax effects
Balance	3,454	4,439
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Balance	(41,901)	(30,877)
Other comprehensive loss before reclassifications	(3,792)	(6,068)
Amounts reclassified from accumulated other comprehensive loss	2,117	1,947
Net current period other comprehensive loss	(1,675)	(11,024)
Release stranded tax effects		(6,903)
Balance	(43,576)	(41,901)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	(509)
Other comprehensive loss before reclassifications	(595)	(509)
Amounts reclassified from accumulated other comprehensive loss
Net current period other comprehensive loss	(595)	(509)
Release stranded tax effects
Balance	$ (1,104)	$ (509)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

Note J - Shareholders' Equity - Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income tax (benefit) expense	$ (4,169)	$ 3,711
Net (loss) income	(39,571)	10,796
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Actuarial losses	(2,982)	(2,710)
Transition asset and prior service benefit	195	176
Total before tax benefit	(2,787)	(2,534)
Income tax (benefit) expense	670	587
Net (loss) income	$ (2,117)	$ (1,947)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Note K - Business Segments and Foreign Operations (Details Textual)	12 Months Ended
	Jun. 30, 2020
Number of Reportable Segments	2

Note K - Business Segments and Foreign Operations - Net Sales by Product Group (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 246,838	$ 302,663
Operating Segments [Member]
Net Sales	323,389	386,909
Intersegment Eliminations [Member]
Net Sales	(76,551)	(84,246)
Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	227,565	280,428
Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	95,824	106,481
Industrial [Member]
Net Sales	26,343	34,042
Industrial [Member] \| Intersegment Eliminations [Member]
Net Sales	(3,434)	(4,430)
Industrial [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	24,143	30,393
Industrial [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	5,634	8,079
Land Based Transmissions [Member]
Net Sales	62,697	112,793
Land Based Transmissions [Member] \| Intersegment Eliminations [Member]
Net Sales	(26,525)	(28,950)
Land Based Transmissions [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	63,523	111,260
Land Based Transmissions [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	25,699	30,483
Marine and Propulsion Systems [Member]
Net Sales	152,501	150,237
Marine and Propulsion Systems [Member] \| Intersegment Eliminations [Member]
Net Sales	(46,544)	(50,796)
Marine and Propulsion Systems [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	139,833	138,704
Marine and Propulsion Systems [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	59,212	62,329
Other [Member]
Net Sales	5,297	5,591
Other [Member] \| Intersegment Eliminations [Member]
Net Sales	(48)	(70)
Other [Member] \| Manufacturing Segment [Member] \| Operating Segments [Member]
Net Sales	66	71
Other [Member] \| Distribution Segment [Member] \| Operating Segments [Member]
Net Sales	$ 5,279	$ 5,590

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note K - Business Segments and Foreign Operations - Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 246,838	$ 302,663
Intra-segment sales	27,119	34,410
Inter-segment sales	49,432	49,836
Interest income	78	43
Interest expense	1,860	1,927
Income taxes	(4,169)	3,711
Depreciation and amortization	11,925	9,335
Net (loss) income attributable to Twin Disc	(39,817)	10,673
Assets	294,127	346,870
Expenditures for segment assets	10,699	11,979
Manufacturing Segment [Member]
Intra-segment sales	14,230	20,384
Inter-segment sales	43,854	46,078
Distribution Segment [Member]
Intra-segment sales	12,889	14,026
Inter-segment sales	5,578	3,758
Operating Segments [Member]
Net Sales	323,389	386,909
Interest income	368	1,180
Interest expense	2,128	3,049
Income taxes	(1,759)	8,292
Depreciation and amortization	11,530	13,295
Net (loss) income attributable to Twin Disc	(31,050)	25,310
Assets	408,535	430,688
Expenditures for segment assets	10,349	11,388
Interest expense		3,049
Operating Segments [Member] \| Manufacturing Segment [Member]
Net Sales	227,565	280,428
Interest income	346	1,154
Interest expense	2,128
Income taxes	(2,027)	7,939
Depreciation and amortization	11,151	12,893
Net (loss) income attributable to Twin Disc	(31,603)	25,062
Assets	365,417	384,612
Expenditures for segment assets	9,615	10,725
Interest expense		3,086
Operating Segments [Member] \| Distribution Segment [Member]
Net Sales	95,824	106,481
Interest income	22	26
Interest expense
Income taxes	268	353
Depreciation and amortization	379	402
Net (loss) income attributable to Twin Disc	553	248
Assets	43,118	46,076
Expenditures for segment assets	$ 734	663
Interest expense		$ (37)

Note K - Business Segments and Foreign Operations - Reconciliation of Reportable Segment Net Sales and Net Earnings to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 246,838	$ 302,663
Net earnings attributable to Twin Disc	(39,817)	10,673
Operating Segments [Member]
Net Sales	323,389	386,909
Net earnings attributable to Twin Disc	(31,050)	25,310
Intersegment Eliminations [Member]
Net Sales	(76,551)	(84,246)
Corporate, Non-Segment [Member]
Net earnings attributable to Twin Disc	$ (8,767)	$ (14,637)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 250
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

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-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Note K - Business Segments and Foreign Operations - Reconciliation of Reportable Segments Other Significant Reconciling Items to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Interest income	$ 78	$ 43
Interest expense	1,860	1,927
Income taxes	(4,169)	3,711
Depreciation and amortization	11,925	9,335
Assets	294,127	346,870
Expenditures for segment assets	10,699	11,979
Depreciation and amortization		13,612
Operating Segments [Member]
Interest income	368	1,180
Interest expense	2,128	3,049
Income taxes	(1,759)	8,292
Depreciation and amortization	11,530	13,295
Assets	408,535	430,688
Expenditures for segment assets	10,349	11,388
Depreciation and amortization		13,295
Segment Reconciling Items [Member]
Interest income	(290)	(1,137)
Interest expense	(268)	(1,122)
Income taxes	(2,410)	(4,581)
Depreciation and amortization	395
Assets	(114,408)	(83,818)
Expenditures for segment assets	$ 350	591
Depreciation and amortization		$ 317

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 944
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note K - Business Segments and Foreign Operations - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net Sales	$ 246,838	$ 302,663
Long-lived assets	76,724	75,016
Reportable Geographical Components [Member] \| UNITED STATES
Net Sales	83,771	132,467
Long-lived assets	41,996	41,233
Reportable Geographical Components [Member] \| NETHERLANDS
Net Sales	39,501	31,521
Long-lived assets	12,659	13,186
Reportable Geographical Components [Member] \| CHINA
Net Sales	26,354	28,772
Reportable Geographical Components [Member] \| BELGIUM
Long-lived assets	8,363	8,595
Reportable Geographical Components [Member] \| AUSTRIA
Net Sales	12,552	10,464
Reportable Geographical Components [Member] \| SWITZERLAND
Long-lived assets	6,804	6,810
Reportable Geographical Components [Member] \| AUSTRALIA
Net Sales	12,438	12,463
Reportable Geographical Components [Member] \| ITALY
Net Sales	11,802	12,755
Long-lived assets	1,697	1,894
Reportable Geographical Components [Member] \| Other Countries [Member]
Net Sales	54,756	63,346
Long-lived assets	5,205	3,298
Reportable Geographical Components [Member] \| CANADA
Net Sales	$ 5,664	$ 10,875

Note L - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	20,511	3,784
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	184,766	67,007
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	131,688	50,004
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	167,848	96,124
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	13,844	0
Allocated Share-based Compensation Expense (Reversal)	$ (368)	$ 1,196
Share-based Payment Arrangement, Expense, Tax Benefit	$ (87)	278
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 14.78
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 2,480
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 167	$ 1,228
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	180,379	43,305
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	231,379	172,637
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	20,511	3,784
Share-based Payment Arrangement, Expense, Tax Benefit	$ 283	$ 255
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	1,307
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	1,241	2,391
Share-based Payment Arrangement, Expense	$ 1,200	$ 1,096
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		37,950
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	37,950	37,950
Share-based Payment Arrangement, Expense, Tax Benefit	$ 77	$ 69
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 25.77
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 353
Share-based Payment Arrangement, Expense	$ 326	$ 299
The 2018 Long-Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	850,000
Stock Incentive Plan for Non-employee Directors 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	250,000
Long-term Incentive Compensation Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	650,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	10 years
Long-term Incentive Compensation Plan 2010 [Member] \| Incentive Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	5 years
Percentage of Combined Voting Power of Stock Owned by Optionee	10.00%
Percentage of Grant Date Fair Market Value Specified as Price of Incentive Stock Options Based on Condition, Minimum	110.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	0	0

Note L - Stock-based Compensation - Shares Available for Future Options (Details) - Stock Options [Member] - shares	Jun. 30, 2020	Jun. 30, 2019
The 2018 Long-Term Incentive Plan [Member]
Shares Available for Grant (in shares)	492,591	742,325
Stock Incentive Plan for Non-employee Directors 2010 [Member]
Shares Available for Grant (in shares)	12,865	61,354

Note M - Engineering and Development Costs (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Research and Development Expense, Total	$ 1,820	$ 2,385
Engineering and Development Costs	$ 10,998	$ 12,594

Note N - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan, Cost of Premium for Health Coverage Plan, Percentage	100.00%
Defined Benefit Plan, Accumulated Benefit Obligation	$ 105,520	$ 107,322
Defined Benefit Plan, Weighted Average Healthcare Cost, Trend Rate	6.25%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	5.00%
Defined Benefit Plan, Percentage of Increase in Assumed HealthCare Cost Trend Rate	1.00%
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation	$ 84
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components	$ 3
Defined Benefit Plan, Percentage of Decrease in Assumed Healthcare Cost Trend Rate	1.00%
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation	$ 71
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components	$ 3
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100.00%	100.00%
Defined Benefit Plan, Expected Long-term Return on Plan Assets	5.89%
Defined Contribution Plan, Cost	$ 1,949	$ 2,276
Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 2,346
UNITED STATES
Defined Benefit Plan, Expected Long-term Return on Plan Assets	6.10%
Common Stock Held by U.S Pension Plans [Member]
Defined Benefit Plan, Plan Assets, Employer, Related Party, Number of Shares (in shares)	98,211	98,211
Defined Benefit Plan, Plan Assets, Employer, Related Party, Amount	$ 544	$ 1,483
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	0.70%	1.70%

Note N - Pension and Other Postretirement Benefit Plans - Net Funded Status of Pension and Postretirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net amount recognized	$ 43,576	$ 41,901
Pension Plan [Member]
Benefit obligation, beginning of year	107,322	105,012
Service cost	653	795
Interest cost	3,305	4,020
Actuarial loss	3,161	6,718
Contributions by plan participants	93	103
Benefits paid	(9,014)	(9,326)
Benefit obligation, end of year	105,520	107,322
Fair value of assets, Balance	87,291	90,258
Actual return on plan assets	3,541	4,125
Employer contribution	1,373	2,131
Contributions by plan participants	93	103
Benefits paid	(9,014)	(9,326)
Fair value of assets, Balance	83,284	87,291
Funded status	(22,236)	(20,031)
Other assets - noncurrent		3
Accrued liabilities - current	(276)	(645)
Accrued retirement benefits - noncurrent	(21,960)	(19,389)
Net amount recognized	(22,236)	(20,031)
Net transition obligation	158	178
Prior service cost	104	144
Actuarial net loss	43,548	42,185
Net amount recognized	43,810	42,507
Other Postretirement Benefits Plan [Member]
Benefit obligation, beginning of year	7,451	8,077
Service cost	17	19
Interest cost	219	305
Actuarial loss	211	18
Contributions by plan participants	352	389
Benefits paid	(1,191)	(1,357)
Benefit obligation, end of year	7,059	7,451
Fair value of assets, Balance
Actual return on plan assets
Employer contribution	839	968
Contributions by plan participants	352	389
Benefits paid	(1,191)	(1,357)
Fair value of assets, Balance
Funded status	(7,059)	(7,451)
Other assets - noncurrent
Accrued liabilities - current	(1,081)	(962)
Accrued retirement benefits - noncurrent	(5,978)	(6,489)
Net amount recognized	(7,059)	(7,451)
Net transition obligation
Prior service cost	(697)	(908)
Actuarial net loss	463	302
Net amount recognized	$ (234)	$ (606)

Note N - Pension and Other Postretirement Benefit Plans - Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Pension Plan [Member]
Net transition obligation	$ 35
Prior service cost	45
Actuarial net loss	3,246
Net amount to be recognized	3,326
Other Postretirement Benefits Plan [Member]
Net transition obligation
Prior service cost	(275)
Actuarial net loss
Net amount to be recognized	$ (275)

Note N - Pension and Other Postretirement Benefit Plans - Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Projected and accumulated benefit obligation	$ 105,520	$ 102,879
Fair value of plan assets	$ 83,284	$ 82,845

Note N - Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Pension Plan [Member]
Service cost	$ 648	$ 792
Interest cost	3,304	4,019
Expected return on plan assets	(4,894)	(5,238)
Amortization of transition obligation	35	34
Amortization of prior service cost	45	64
Amortization of actuarial net loss	2,982	2,710
Net periodic benefit cost	2,120	2,381
Other Postretirement Benefits Plan [Member]
Service cost	17	18
Interest cost	219	304
Amortization of prior service cost	(274)	(274)
Net periodic benefit cost	$ (38)	$ 48

Note N - Pension and Other Postretirement Benefit Plans - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Pension Plan [Member]
Net loss	$ 4,770	$ 8,098
Amortization of transition asset	(35)	(34)
Amortization of prior service (cost) benefit	(45)	(64)
Amortization of net (loss) gain	(2,978)	(2,711)
Total recognized in other comprehensive income	1,712	5,078
Net periodic benefit cost	2,120	2,381
Total recognized in net periodic benefit cost and other comprehensive income	3,832	7,459
Prior service cost		(211)
Other Postretirement Benefits Plan [Member]
Net loss	211	18
Amortization of transition asset
Amortization of prior service (cost) benefit	275	275
Amortization of net (loss) gain
Total recognized in other comprehensive income	486	293
Net periodic benefit cost	(38)	48
Total recognized in net periodic benefit cost and other comprehensive income	$ 448	341
Prior service cost

Note N - Pension and Other Postretirement Benefit Plans - Schedule of Assumptions (Details)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Pension Plan [Member]
Discount rate	2.49%	3.22%
Expected return on plan assets	5.89%	6.04%
Discount rate	3.22%	4.01%
Expected return on plan assets	6.04%	6.74%
Other Postretirement Benefits Plan [Member]
Discount rate	2.37%	3.15%
Expected return on plan assets
Discount rate	3.15%	4.09%
Expected return on plan assets

Note N - Pension and Other Postretirement Benefit Plans - Pension Plan Weighted-Average Asset Allocations (Details)	Jun. 30, 2020	Jun. 30, 2019
Target Allocation	100.00%
Actual Allocation	100.00%	100.00%
Equity Securities [Member]
Target Allocation	51.00%
Actual Allocation	47.00%	49.00%
Debt Securities [Member]
Target Allocation	40.00%
Actual Allocation	44.00%	42.00%
Real Estate [Member]
Target Allocation	9.00%
Actual Allocation	9.00%	9.00%

Note N - Pension and Other Postretirement Benefit Plans - Plan Assets Using Fair Value Hierarchy (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Fair Value, Inputs, Level 3 [Member]

Plan Assets

$ 6,095

$ 6,171

$ 6,113

Pension Plan [Member]

Plan Assets

83,284

87,291

$ 90,258

Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

30,026

33,301

Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

23,931

27,130

Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

6,095

6,171

Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

^[1]

53,258

53,990

Cash and Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

920

971

Cash and Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

920

971

Cash and Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

Cash and Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

Investments Measured at Net Asset Value, Fixed Income Funds [Member] | Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

33,032

33,568

Company Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

^[2]

544

1,483

Company Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

^[2]

544

1,483

Company Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

^[2]

Company Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

^[2]

Investments Measured at Net Asset Value, Equity Securities [Member] | Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

2,840

3,168

Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

^[2]

14,551

16,713

Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

^[2]

14,551

16,713

Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

^[2]

Common Stock [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

^[2]

Investments Measured at Net Asset Value, Real Estate [Member] | Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

7,186

7,069

Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

^[3]

7,916

7,963

Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

^[3]

7,916

7,963

Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

^[3]

Mutual Fund [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

^[3]

Investments Measured at Net Asset Value, Hedge Funds [Member] | Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]

Plan Assets

10,200

10,185

Annuity Contracts [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member]

Plan Assets

^[4]

6,095

6,171

Annuity Contracts [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]

Plan Assets

^[4]

Annuity Contracts [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]

Plan Assets

^[4]

Annuity Contracts [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]

Plan Assets

^[4]

$ 6,095

$ 6,171

[1]	In accordance with ASC 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at the end of the year.
[2]	Common stock is valued at the closing price reported on the active market on which the individual securities are traded. These securities include U.S. equity securities invested in companies that are traded on exchanges inside the U.S. and international equity securities invested in companies that are traded on exchanges outside the U.S.
[3]	Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company's funded benefit plans are open-end mutual funds that are registered with the Securities Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Company's funded benefit plans are deemed to be actively traded.
[4]	Annuity contracts represent contractual agreements in which payments are made to an insurance company, which agrees to pay out an income or lump sum amount at a later date. Annuity contracts are valued at the net present value of future cash flows.

Note N - Pension and Other Postretirement Benefit Plans - Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fair value of assets, Balance	$ 6,171	$ 6,113
Relating to assets still held at reporting date	75	216
Purchases, sales and settlements, net	(151)	(158)
Fair value of assets, Balance	$ 6,095	$ 6,171

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Note N - Pension and Other Postretirement Benefit Plans - Defined Benefit Plan Estimated Future Benefit Payments (Details) $ in Thousands	Jun. 30, 2020 USD ($)
2025 - Pension Benefits	$ 7,197
2025 - Other Postretirement Benefits, Gross Benefits	608
Pension Plan [Member]
2021 - Pension Benefits	8,944
2022 - Pension Benefits	8,230
2023 - Pension Benefits	7,936
2024 - Pension Benefits	7,547
Years 2026 - 2030 - Pension Benefits	32,605
Other Postretirement Benefits Plan [Member]
2021 - Other Postretirement Benefits, Gross Benefits	1,094
2022 - Other Postretirement Benefits, Gross Benefits	843
2023 - Other Postretirement Benefits, Gross Benefits	769
2024 - Other Postretirement Benefits, Gross Benefits	693
Years 2026 - 2030 - Other Postretirement Benefits, Gross Benefits	$ 2,273

Note O - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Undistributed Earnings of Foreign Subsidiaries	$ 1,729	$ 6,208
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	918	938
Unrecognized Tax Benefits, Income Tax Penalties Accrued	185	$ 148
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Subject to Expiration	7,655
Operating Loss Carryforwards, Not Subject to Expiration	7,655
Tax Credit Carryforward, Amount	$ 9,410
Open Tax Year	2017 2018 2019 2020
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Subject to Expiration	$ 23,132
Tax Credit Carryforward, Amount	$ 975
State and Local Jurisdiction [Member] \| Wisconsin Department of Revenue [Member]
Open Tax Year	2010 2011 2012 2013
Foreign Tax Authority [Member]
Open Tax Year	2016 2017 2018 2019 2020

Note O - Income Taxes - Domestic and Foreign Earnings Before Income Taxes and Minority Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
United States	$ (29,332)	$ 7,059
Foreign	(14,408)	7,448
(Loss) earnings before income taxes and noncontrolling interest	$ (43,740)	$ 14,507

Note O - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Currently payable:
Federal	$ (149)	$ 248
State	30	261
Foreign	4,022	(3,644)
Current	3,903	(3,135)
Deferred:
Federal	(5,673)	920
State	(860)	(7)
Foreign	(1,539)	5,933
Deferred	(8,072)	6,846
Income tax (benefit) expense	$ (4,169)	$ 3,711

Note O - Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Retirement plans and employee benefits	$ 7,934	$ 7,732
Foreign tax credit carryforwards	7,429	6,296
Federal tax credits	1,585	1,057
State net operating loss and other state credit carryforwards	1,696	1,269
Federal net operating loss	1,607
Inventory	205	757
Reserves	1,056	765
Foreign NOL carryforwards	555	775
Accruals	823	339
Right of use assets - operating leases	3,920	3,691
Disallowed interest	418
Disallowed PPP expenses	1,320
Other assets	832	656
Gross deferred tax assets	29,380	23,337
Property, plant and equipment	3,231	3,432
Intangibles	3,306	5,345
Long term operating lease obligations	3,855	3,617
Other liabilities	44	194
Gross deferred tax liabilities	10,436	12,588
Valuation allowance
Total net deferred tax assets	$ 18,944	$ 10,749

Note O - Income Taxes - Reconciliation of U.S. Federal Income Taxes to Actual Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
U.S. federal income tax at 21%	$ (9,185)	$ 3,046
Increases (reductions) in tax resulting from:
Foreign tax items	236	281
State taxes	(716)	209
Change in prior year estimate	(213)	(50)
Research and development tax credits	(412)	(306)
Goodwill impairment	4,814
Unrecognized tax benefits	9	158
Stock compensation	(93)	(153)
Rate changes	237	15
Deferred tax basis adjustments	(138)	(111)
Executive compensation		291
GILTI inclusion	1,220	284
FDII deduction		(74)
Other, net	72	121
Income tax (benefit) expense	$ (4,169)	$ 3,711

Note O - Income Taxes - Reconciliation of U.S. Federal Income Taxes to Actual Income Taxes (Details) (Parentheticals)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Federal Income Tax	21.00%	21.00%

Note O - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Unrecognized tax benefits, beginning of year	$ 938	$ 816
Additions based on tax positions related to the prior year	17	31
Additions based on tax positions related to the current year	87	91
Reductions based on tax positions related to the prior year	(19)
Subtractions due to statutes closing	(105)
Unrecognized tax benefits, end of year	$ 918	$ 938

Note Q - Restructuring of Operations and Other Operating Income (Details Textual) $ in Thousands			3 Months Ended	12 Months Ended		61 Months Ended
	May 13, 2019 USD ($) shares	Mar. 04, 2019 USD ($)	Dec. 27, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Mar. 04, 2020 USD ($)	Jul. 02, 2018 USD ($)
Restructuring Charges, Total				$ 5,138	$ 1,179	$ 12,405
Restructuring and Related Cost, Number of Positions Eliminated						207
Payments for Restructuring				5,054	1,269
Veth Propulsion [Member]
Business Combination, Contingent Consideration, Liability, Total								$ 2,921
Stock Issued During Period, Shares, Acquisitions (in shares) \| shares	139,347
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 1,991
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 809
Buyer of Mill Log [Member]
Financing Receivable, before Allowance for Credit Loss, Total							$ 2,500
Proceeds from Collection of Notes Receivable				500
Buyer of Mill Log [Member] \| Other Current Assets [Member]
Financing Receivable, after Allowance for Credit Loss, Total				1,200		$ 1,200
Buyer of Mill Log [Member] \| Other Assets [Member]
Financing Receivable, after Allowance for Credit Loss, Total				800		$ 800
Mill Log Business [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Disposal Group, Including Discontinued Operation, Operating Income (Loss)					(1,374)
Disposal Group, Including Discontinued Operation, Inventory		$ 6,298
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current		592
Disposal Group, Including Discontinued Operation, Consideration		7,658
Proceeds from Sales of Business, Affiliate and Productive Assets		$ 5,158
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Total					768
Employee Severance [Member]
Restructuring Charges, Total				1,953	$ 1,179
Contract Termination [Member] \| Manufacturing Segment [Member]
Restructuring Charges, Total				$ 3,185
Restructuring Reserve, Settled without Cash			$ 2,185
Payments for Restructuring			$ 1,000

Note Q - Restructuring of Operations and Other Operating Income- Roll-forward of Restructuring Activity (Details) - USD ($) $ in Thousands	12 Months Ended		61 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020
Accrued restructuring liability		$ 90
Additions	5,138	1,179	$ 12,405
Payments and adjustments	(5,054)	(1,269)
Accrued restructuring liability	$ 84		$ 84

Note R - Earnings Per Share (Details Textual) - shares	12 Months Ended
Note R - Earnings Per Share (Details Textual) - shares	Jun. 30, 2020	Jun. 30, 2019
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	167,848	80,164
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	231,379	172,637
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	37,950	13,123
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		3,483

Note R - Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Basic:
Net (loss) income	$ (39,571)	$ 10,796
Less: Net earnings attributable to noncontrolling interest	(246)	(123)
Less: Undistributed earnings attributable to unvested shares		(148)
Net (loss) income available to Twin Disc shareholders	$ (39,817)	$ 10,525
Weighted average shares outstanding - basic (in shares)	13,153	12,571
Basic (Loss) Income Per Share:
Net (loss) income per share - basic (in dollars per share)	$ (3.03)	$ 0.84
Diluted:
Net (loss) income	$ (39,571)	$ 10,796
Less: Net earnings attributable to noncontrolling interest	(246)	(123)
Less: Undistributed earnings attributable to unvested shares		(148)
Net (loss) income available to Twin Disc shareholders	$ (39,817)	$ 10,525
Weighted average shares outstanding - basic (in shares)	13,153	12,571
Effect of dilutive stock awards (in shares)		111
Weighted average shares outstanding - diluted (in shares)	13,153	12,682
Diluted (Loss) Income Per Share:
Net (loss) income per share - diluted (in dollars per share)	$ (3.03)	$ 0.83

Note S - Derivative Financial Instruments (Details Textual) $ in Thousands	12 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 139,958	$ 182,818	$ 143,616
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ (392)
Foreign Exchange Forward [Member]
Derivative, Number of Instruments Held, Total	1	0
Derivative, Notional Amount	$ 1,247
Derivative, Average Remaining Maturity (Day)	7 days
Derivative, Loss on Derivative	$ 9
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ (1,104)	$ (509)

- Definition

+ References

+ Details

Note S - Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Accrued Liabilities [Member]
Derivative Liabilities, Current	$ 392	$ 122
Other Noncurrent Liabilities [Member]
Derivative Liabilities, Noncurrent	$ 1,052	$ 544

Note S - Derivative Financial Instruments - Impact of the Company's Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Unrealized loss on cash flow hedge, net of income taxes of $185 and $156	$ (595)	$ (509)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Unrealized loss on cash flow hedge, net of income taxes of $185 and $156	(595)	(509)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Interest Expense [Member]
Derivative liabilities, designated	171	1
Not Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Other Nonoperating Income (Expense) [Member]
Derivative liabilities, designated	$ (9)	$ 4

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

Balance at Beginning of Period

$ 1,582

$ 1,478

Charged to Costs and Expenses

399

236

Deductions

^[1]

241

132

Balance at End of Period

1,740

1,582

SEC Schedule, 12-09, Reserve, Inventory [Member]

Balance at Beginning of Period

10,463

8,427

Charged to Costs and Expenses

1,532

1,934

Deductions

^[1]

2,132

Reserve for inventory obsolescence

^[1]

(102)

Balance at End of Period

$ 9,863

$ 10,463

[1]	Activity primarily represents amounts written-off during the year, along with other adjustments (primarily foreign currency translation adjustments).